Get to grips with MPERS amendments

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. Under what circumstances will an investment property be classified as investment property carried at cost less accumulated depreciation and impairment -

  2. Which of the following statements are TRUE about the undue cost and effort concept/principle in the 2015 Amendments to the MPERS?

  3. When is the 2015 Amendments to MPERS effective for private entities in Malaysia?

  4. Where the useful life of an intangible asset and goodwill cannot be established reliably, the life shall be determined based the best estimate of the management. What is the period permitted for the useful life?

  5. Under the 2015 Amendments to the MPERS, a subsidiary is not consolidated if it is acquired and is held with the intention of selling or disposing of it within one year from its acquisition date. How is such a subsidiary accounted for in the financial statements?

  6. Another significant addition to the Statement of Comprehensive income is the requirement to further classify the other comprehensive income items into two categories. What are the two categories?

  7. Which of the following represent an item related to other comprehensive income items that will be reclassified subsequently to profit and loss when specific conditions are met?

  8. What is the key amendment or change relating to Property, Plant and Equipment under the 2015 Amendments to MPERS?

  9. As a result of property, plant and equipment now being permitted to be measured using the revaluation model, it gives rise to a fourth item of other comprehensive income (previously only three items under MPERS 2014). What is the fourth item under the 2015 Amendments to the MPERS?

  10. What is the main purpose for the Malaysian Accounting Standards Board (MASB) to issue the 2015 Amendments to the MPERS?