Certificate in MFRS

The Certificate in MFRS (CMFRS) is a 5 – day skills development programme for accounting professionals. It provides accounting executives of employer organizations with an understanding of the MFRS skills requirement and the evidence of such skills by the holder of the CMFRS.

The Certificate in MFRS offers a broad introduction to the field of Malaysian Financial Reporting which is now, fully converged with the International Financial Reporting Standards (IFRS). It traces the fundamentals through to recent changes and updates and future developments.

Accounting and finance professionals not familiar with the principles of MFRS or Malaysian Financial Reporting Standards, are going to face new challenges and demands of the MFRS requirements in their work place as Malaysian companies begin adopting them with effect from January 2012. These professionals will now need to be familiar and conversant with the current rules of accounting and financial reporting i.e. MFRS, as set by the Malaysian Accounting Standards Board (MASB).

Finet Associates is pleased to inform that we are now offering a quick and effective solution to help them acquire a practical working knowledge of the MFRS. This is offered through our Certificate in MFRS as evidence of MFRS knowledge and skills.

The MFRS or Malaysian Financial Reporting Standards have been mandated for adoption by all publicly quoted companies and multinational organizations with effect 1 January 2012. All accounting professionals responsible for financial reporting are required to ensure their respective companies are in compliance with the MFRS.

The CMFRS programme is designed to be practice oriented and learner – friendly in order for quick understanding of the complexities for compliance. The programme is delivered through dissection of key MFRS provisions with illustrations in real practice. Participants will learn the key issues and demonstrate application ability with real life situations and exercises provided by the lead MFRS training facilitator.

Upon completion of the 5 – day course participants will be assessed for MFRS knowledge and application ability through a 2 – hour multiple choice test and an application assignment. The learning and assessment activities in this CMFRS course also form the preparatory step for external IFRS certification for accounting professionals seeking international career possibilities.

Objectives:

Upon completing this programme, you will be able to:-

• Understand the basic concepts of key Malaysian financial reporting standards.

• Apply the proper accounting treatment for all financial reporting standards, the way it should be.

• Demonstrate financial reporting with confidence, with appropriate knowledge and application skills.

• Be recognised and accredited as a Certified Malaysian Financial Reporting Professional, by your employer organizations and many others worldwide, and

• Differentiate yourself from the rest as an accounting and financial professional with demonstrated knowledge and skills in MFRS in Malaysia.

Methodology:

Instructor led presentations with class exercises, debriefing, self-reflections sessions, group discussions and exit assessment.

Content:

• The nature and operations of MASB

• The introduction to MFRS and its status and use in Malaysia

• Framework and Presentation of Financial Statements

• Presentation of Profit

• Revenue Recognition

• Asset Recognition and Measurement

• Accounting for Liabilities

• Group Accounting

• Other Significant Disclosure Standards

• First time adoption

• Forthcoming changes

• End of course assessment