A new start for 2012!!!  We are pleased to bring to you a new experience for reading our AXP e-Newsletter. 

At AXP, we focus on 2-T.  As part of our effort to further enhance the technical contents of our AXP e-Newsletter, we now added in a new section, i.e ‘Readers’ Corner’.  The objective is to facilitate you to feedback and contribute to our AXP e-Newsletter, and to send us your questions on auditing and accounting issues.  We shall then response to it accordingly.

On the other hand, in 2011, we organised several CPD Seminars and received encouraging responses.  We have also studied your feedbacks, modified the contents and structures of our CPD Seminars ensuring that it is more applicable to you.

From February to April 2012, we will conduct two hottest CPD topics in Cyberjaya, Melaka, Johor Bahru and Sibu.  Seats are limited!  Mark your calendar today and do register as soon as possible for the upcoming AXP CPD Seminars to earn your CPD points as well as to keep abreast of the technical updates and topics.
 
                                  
This newly-introduced section will publish feedback, contributions and enquiries relating to accounting and auditing technical issues received from readers! A mystery gift will be given to the BEST feedback or technical question every 3 issues! How do I update my Audit Express Client Database if there is a change in the financial year end of a client company? Why am I unable to open the time register in MIS module?
 
     
The MASB issued a new framework - MFRS Framework - in conjunction with its plan to converge with the IFRSs in 2012. With effect from 1 January 2012, there are three financial reporting frameworks available in Malaysia. A snapshot of the latest development in technical news on auditing and accounting issues is available in this section.
 
     

The Impact of the Revised FRS 3 & FRS 127 (3rd Article)
We look at the impact of revised standards when a company buys an additional block of shares once control has already been achieved, and hence the control position does not change.

Investment Property (Part III)
We shall consider how to measure the initial cost figure when the IP was acquired under a lease agreement, internally constructed or acquired under an exchange transaction.

 We shall review the audited financial statements of selected PLC and illustrate how the presentation and disclosure may be further improved. We will also quote the requirements under the PERS. In this issue, we consider contingent liabilities, accounting policies for inventories, defined contribution plan, impairment for trade receivables, and reclassification of comparative figures.
 
 

 

 

  
This ‘new’ section will illustrate the requirements of the Clarified International Standards on Auditing (ISAs) and the application of these Clarified ISAs via a case study of an audit engagement. In this inaugural issue, we outline the background of the Clarified ISAs and set up a hypothetical case study. This Section highlights AXP’s major past events and any other important events/ milestones.
 
   
We have highlighted AXP CPD Seminars. Mark your calendar today and do register as soon as possible for the upcoming AXP CPD Seminars to earn your CPD points as well as to keep abreast of the technical updates and topics. We have also highlighted the top scorers from our Audit Express Certification, attended by students from colleges and universities. You may wish to consider recruiting them when they are graduated. Furthermore, AXP clients will find a diary of forthcoming AE Refresher Courses while they can attend at no charge.
 

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