PAF3043: The introduction of the Malaysian Private Entities Reporting Standard (MPERS) in January 2016 is timely and vital: Financial Accounting Assignment, UPSI, Malaysia
University | Universiti Pendidikan Sultan Idris (UPSI) |
Subject | PAF3043: Financial accounting |
QUESTION
The introduction of the Malaysian Private Entities Reporting Standard (MPERS) in January 2016 is timely and vital. MPERS gives increasing prominence to local private entities and small and medium-sized enterprises (SMEs) in the regional and global markets. In other words, MPERS is to prepare local private companies for globalization as well as the challenges that come with it.
Thus, the objective of a Malaysian Private Entities Reporting Standard (MPERS) is to provide information about the entity’s financial position, performance, and cash flows that is useful for economic decision-making by a wide range of users who are unable to request reports tailored to their specific information needs. In preparing the financial position, MPERS adoption will be represented by presentation and disclosure, going concerned, and consistency.
Required:
- Explain the application of going concern principles in the presentation of financial statements in accordance with MPERS requirements stated in MPERS Sections 3.8 and 3.9.
- Briefly explain the recognition of financial assets and liabilities (with two examples each) in accordance with MPERS requirements.
- Computation of cost or value for assets and liabilities may be different between accounting computation and tax authority computation which may derive to temporary or permanent differences. Temporary differences are differences between the carrying amount of an asset or liability in the statement of financial position and its tax base.
- Illustrate five (5) examples of situations in which temporary differences may arise in accordance with MPERS.
Get Solution of this Assessment. Hire Experts to solve this assignment for you Before Deadline.
Recent Solved Questions
- Currently, you are hired as a programmer to analyze their first-quarter sales result for two newly targeted districts as shown below: Principles of Programming Report, APU, Malaysia
- As a member of the AML, CDD checks need to be performed for the potential client, GMT due to the nature of the business: Banking Assignment, APU, Malaysia
- Discusses and evaluates its strengths, weaknesses, and important features. The discussion should be based on specific: Government Policy Assignment, USCI, Malaysia
- CHE5884: Calculate the hourly feed rate of the feedstock for the plant to produce the product assigned to your group: Process modelling and optimisation Case Study, MUM, Malaysia
- BBM104: Once a major tourist attraction, the zoo appears to be back on its feet after the pandemic but is still in need of a revamp: Principles of Marketing Case Study, UT, Malaysia
- PSY231: you are required to select one topic or issue from any area of psychology, and explain how the issue can be viewed from an evolutionary psychology perspective: Evolutionary Psychology Essay, MUM, Malaysia
- MPA10203: Choose a local company that manufactures products or provides services: Operation Management Assignment, UTHM, Malaysia
- Based on an article from Outlook India dated August 2022, experts believe that 5G technology is the perfect technology: Telecommunications Research Paper, APU, Malaysia
- You are a Malaysian trainer who is a highly sought-out expert in the area of cross-cultural negotiations: Workplace Communication Skill Essay, OUM, Malaysia
- You need to draw on leadership and management theories to demonstrate understanding and application of the module content of “Management, Leadership, Vision/Mission/Strategy: Professional Management and Leadership Assignment, OUM, Malaysia