Overview of Accounting for Tangible and Intangible Assets

Assets have features that help identify them as exchangeable, legally enforceable, and have future economic benefits (service potential). It is that potential that eventually brings in cash to the entity and that underlines the concept of an asset. Assets can be classified as tangible or intangible, long-term or short-term. Many accounting standards have been issued to govern the proper accounting treatment of the various types of assets in a business entity. In line with the global initiative to achieve convergence of accounting standards, far-reaching and significant changes have been introduced to the accounting treatment of assets. In Malaysia, these changes will be effective from 1 January 2006 and therefore, it is imperative for preparers and users of financial statements to be fully aware of these changes in order to achieve full and proper compliance.

Course Contents

This seminar aims to provide a detailed guidance and understanding of the application of the measurement and recognition principles and disclosure requirements of the following Malaysian Financial Reporting Standards (FRSs) and Private Entities Reporting Standards (PERS) that govern tangible and intangible assets:

Financial statements of small, medium, large and listed companies will be used to illustrate the correct application of the above FRS / PERS, and their compliance in the preparation of financial statements.

Target Audience:

All

CPD Code:

081121KC1

SPEAKER'S PROFILE

Ms Lim Geok Heng

Ms Lim Geok Heng 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.