PERS vs IFRS for SMEs

Introduction

In February 2007, the IASB (International Accounting Standards Board) published an exposure draft of an IFRS for small and medium-sized entities aiming to provide a simplified, self-contained set of accounting principles for smaller and non-listed companies that are based on the full IFRS. The IFRS for SMEs is expected to be issued by the IASB in the second half of 2008. How would all this development by the IASB impact the private entities in Malaysia? Can we equate our private entities to the IASB’s definition of SMEs?

Currently, the MASB has implemented the PERS (Private Entities Reporting Standards), which are essentially the existing MASB accounting standards that have been effective since 1999.

To date, MASB has done a road show to bring awareness of these changes but has not adopted a stand on the outcome. Generally, it would be a wait-and-see approach depending on the successful implementation by IASB according to its deadline.

The main objectives of this seminar are to highlight the differences between these financial reporting frameworks, and to equip the participants with the necessary information and practical implementation procedures in preparation for the day when and if MASB decides to adopt the IFRS for SMEs in place of the PERS.

Course Contents

· Overview of the exposure draft on IFRS for SMEs
· Comparison of accounting principles between the IFRS for SMEs, PERS and MASB ED 52
· Reviewing the illustrative financial statements and disclosure checklist provided by the IASB

Target Audience : All
CPD Code : 080909AS1

Speaker’s Profile

Ms Lim Geok Heng

Ms Lim is a Fellow member of the Association of Chartered Certified Accountants (FCCA,UK) and a Chartered Accountant of the Malaysian Institute of Accountants [CA(M)]. She is also a Certified Professional Trainer (CPT) of the International Professional Managers Association [IPMA,UK].

She has over 20 years experience in areas comprising auditing, financial accounting, treasury functions, education and corporate training. Her most recent past appointments include the positions of Technical and Training Director of a medium-sized international accounting firm, Training Manager of Ernst & Young, Lecturer in Sunway-University College and Senior Lecturer in Tunku Abdul Rahman College.

Currently, Ms Lim is a freelance technical and training consultant with her own training business, EVO Training and Consulting. She speaks on MASB Reporting Standards (FRS and PERS), and accounting and audit issues regularly and extensively throughout Malaysia for professional accounting bodies such as MIA, ACCA, MAICSA, CIMA, MICPA and CPA Australia. In addition, she also conducts in-house technical training on accounting issues for commercial and listed companies, and private training institutions in Malaysia, Singapore and Thailand.

 Ms Lim is engaged on a regular basis by medium-sized accounting firms to provide technical and training services for their professional audit staff as well as their business clients. Ms Lim is also the current (and 2006) Chairman of the ACCA-FRS (Financial Reporting Standards) Committee. In addition to the above, she is also a Panel Member of the annual NACRA (National Annual Corporate Report Award) adjudication.