Post course assessment

Dear class

Please find Post Course assessment questions.

Kindly review your notes before attempting these questions.

1.     Which of the following would qualify as a private entity in accordance with the criteria specified in Companies Act 2016?

           

a.     A company which is listed on BURSA Stock Exchange

b.     An unlisted manufacturing company currently planning for public listing

c.      An insurance company

d.     A small owner-managed business

2.     The Malaysian Private Entities Reporting Standards MPERS states that the qualitative characteristics of financial information are:

           

a.     Materiality, faithful representation, consistency and prudence

b.     Assets, liabilities, equity, income and expenses

c.      Understandability, relevance, reliability and comparability

d.     Comparability, verifiability, timeliness and understandability

3.     The measurement bases allowed in MPERS are:

           

a.     Historical cost and fair value

b.     Historical cost, current cost, realisable value and present value

c.      Historical cost and realisable value

d.     Historical cost and present value

4.     A private entity reporting using MPERS which has no other comprehensive income may present its statement of comprehensive income similar to an income statement ending with Profit after tax.

True or False?

a.     True

b.     False

5.     All private entities reorting using MPERS must present a statement of changes in equity.
True or False?

a.     True

b.     False

                       

           

6.     MPERS  requires all investment property to be measured initially at cost but at fair value thereafter.
True or False?

a.     True

b.     False

7.     Similar to IAS16, MPERS allows property, plant and equipment to be measured at a revalued amount.
True or False?

a.     True

b.     False

8.     MPERS states that an intangible asset may be recognised only if the asset results from expenditure incurred internally.
True or False?

a.     True

b.     False

9.     Similar to IFRS 3, MPERS does not allow goodwill to be amortised.
True or False?

a.     True

b.     False

10. Certain topics are not dealt with in MPERS. These topics include:

           

a.     Hyperinflation

b.     Foreign currency translation

c.      Related party disclosures

d.     Earnings per share

end of test

Suggested Solutions

1.b

2.c

3.a

4.a True

5.b False

6.b False

7.b False

8.b False

9.b False

10.d

You can write to me to clarify if you cannot understand why your answer is incorrect

Miss J

Provision for compensated unused leave

Dear Class

Please find answers for the above case study

Page 1
https://www.mediafire.com/file/vrt9li1t1vge9o4/suggested_solution__Case_study_9_pg_1.pdf/file

Page 2
https://www.mediafire.com/file/2a9lu0x7ypmiwhw/suggested_solution__Case_study_9_pg_2.pdf/file



Miss J

Sample accounts in Singapore

Dear class

Here is the link for you to download sample made available for Singapore by ASC

While ASC and MASB (Malaysia) applied the same IFRS for SMEs, ASC included a sample accounts in their standards i.e. SFRS for Small entities


https://www.mediafire.com/file/vfkdknydhl6iagu/app_4_SFRS_for_SEs_-_Implementation_Guidance.pdf/file

Please download and save a copy for your future reference


Miss J

Sample accounts

Dear Class


Please download sample made available by KPMG Malaysia here

https://assets.kpmg/content/dam/kpmg/my/pdf/Wonderful-SME-Sdn-Bhd-Illustrative-Financial-Statements-2016.pdf

The above sample accounts has amendments.  Kindly download these files and make the amendments in that sample accounts accordingly.  Two files

File 1

https://www.mediafire.com/file/ew4erc3hrgu0syh/Wonderful_SME_amend_file_1.pdf/file

File 2

https://www.mediafire.com/file/2jgcq2ddrvdtpoq/Wonderful_SME_amend_file_2.pdf/file

Kindly take note that Malaysia issued new Companies Act 2016 after the sample accounts were released.  As such, some of the changes required by the new Act were NOT reflected in that original sample.


Miss J

Welcome

Dear Class

You have reached the blog to download references on financial reporting for Small and Medium size entities eg MPERS and SFRS for small entities


Miss J