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T2: CONCEPTUAL FRAMEWORK AND ACCOUNTING ENVIRONMENT IN MALAYSIA Link Title…
T2: CONCEPTUAL FRAMEWORK AND ACCOUNTING ENVIRONMENT IN MALAYSIA Link Title
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Private Entities
- A private entity is a private company (sdn.bhd)
- Is not itself required to prepared or lodge any financial statements under any law administered by the Securities Commission or Bank Negara Malaysia
- Is not a subsidiary or associate of, or jointly controlled by, an entity which is required to prepared or lodge any financial statements under any law administered by the Securities Commisions or Bank Negara Malaysia
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Accounting Policies
- The specific principles, bases, conventions, rules and practices adopted by the business entity in preparing and presenting financial statements.
- Example
MFRS 118 allow two models on reporting Plant, Property and Equipment : cost model and revaluation model.
When a company choose cost model, it become accounting policy for PPE
Accounting Standards
- A guide-lines for practice in accounting
- It is procedures and rules that should be followed by an accountant in collecting, preparing and reporting transactions occurred in business activities to public knowledge
-To ensure that the information reported in financial statements is complete, reliable, understandable and can be comparable by the user
-Also used for standardization in preparing financial statement so that it can be comparable by the user
-Examples:
MPERS, MFRS101, MFRS102
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