Accounting, Tax and SST Treatment For Revenue and Expenditure

22-23 Nov, 2023, Remote Online Training - Public

IPA Training is Registered with

Learn from the Best

T.THARMASEELAN

Chartered Accountant (M)

Fellow Of The Association Of Chartered Certified Accountant (UK)

MBA (Wales) in Marketing

HRDF certified Trainer Certificate IV in Training and Assessment (AIM)

 

Tharmaseelan C.A (M), F.C.C.A, MIAE has vast experience in the field of Accounting, Taxation, Internal Control Systems and Finance for almost 25 years in an international accounting firm and local consultancy firms.

 

His career spanned across wide working experience and exposure in Accounting, Taxation, implementing Internal Control Systems and Finance in consultancy firms, a leading hotel in Langkawi and in a leading hotel training college. He has also developed Business, Accountancy and IT Programs with various colleges, and these programs are validated by foreign universities and professional Bodies.

 

He was attached to a medium size audit firm as a Senior Audit Assistant before he moved over to an established international tax company where he held the position as a Tax Senior. He then joined an established professional firm as the Tax Manager where he oversaw the computation, submission and resolving tax issues for clients.

 

His tenure with an established Consultancy as a Senior Consultant gave him the opportunity to designed internal control systems & implemented it. He also advised his clients on compliance with accounting standards and tax regulations. His last position prior to going into practice was as the Associate Director of The Business School where he was responsible for restructuring the Business School and identifying suitable courses and obtaining accreditation from various bodies and universities.

 

He is currently in practice offering his expertise and knowledge to corporate and professional clients, locally and worldwide. His specializations are in designing and setting up of Accounting, Taxation, Finance, Internal Control and Operational Systems as well as in performing Operational Audits. His well-esteemed clients include those in the hospitality, education, manufacturing and service-based industries.

 

As a qualified Accountant, he is actively involved in conducting audit and financial courses. His experience brings him to faraway countries such as Vietnam, Brunei, Singapore, Nepal, Uganda and Rwanda to train Accounting and Financial Professionals.

 

He is currently the principal consultant of his own consultancy firm and a director of a growing tax and secretarial firm. He is also a regular training facilitator for

1. Malaysian Institute of Accountants

2. Certified Public Accountants of Australi

Venue Details

Remote Online Training - Public

Contact us

Juliany,
03 2283 6109
juliany@ipa.com.my

Phoebe,
03 2283 6100
phoebe@ipa.com.my 

FOR CUSTOMISED IN-HOUSE TRAINING
Jane,
03 2283 6101
Jane@ipa.com.my

ADDRESS 
A-28-5, 28th Floor, Menara UOA Bangsar, 
No.5, Jalan Bangsar Utama 1, 
59000 Kuala Lumpur
www.ipa.com.my

FOCUSING ON
  • Revenue Recognition
  • MFRS 15 Requirements
  • Tax Impact on Revenue
  • Accounting Treatment for Expenditure
  • Tax Treatment for Expenditures
  • Sales and Services Tax on Revenue and Expenditure
  • Deferred Tax
COURSE OBJECTIVES

The main core of financial reporting and the business process involves Revenue, Expenditure and Provisions, which may have different recognition criteria for accounting and tax purposes.

It’s important to understand and appreciate the Accounting, Tax and SST impact of these elements as they have a direct and telling impact on the reported profits and cash flows of the reporting entity.

It is critical that these items are correctly presented to ensure that stakeholders are not mislead and there is compliance with the accounting standards to prevent any sanctions from regulatory authorities. Proper treatment of these items for tax purposes would ensure that tax penalties are not incurred.

AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB…
  1. Understanding the reporting framework for recognising Revenue.
  2. Ensuring that expenditure is presented in line with MFRS.
  3. Ensuring recognition of revenue is in line with Income Tax Laws and Regulations.
  4. Ensuring that proper classification is used to maximise tax benefits.
  5. Understanding Sales and Service tax implications on revenue and expenditure.
  6. Being able to compute and ensure a proper disclosure of deferred taxation.
WHO SHOULD ATTEND
  • Financial Controllers
  • General Managers
  • Corporate Finance Advisors
  • Company Secretaries
  • Accountants
  • Auditors
  • Corporate Planners
  • Accounts, Finance, Audit and Administrative Executives
  • Internal Audit Executives
METHODOLOGY
Interactive learning session with Course
Leader-led facilitation, live Q&As, practical learning computation and Case Studies
Day 1
9:00

REVENUE RECOGNITION

  • The legality of revenue recognition
  • Sale of Goods
  • Contract Manufacturing
  • Long Term Contracts
  • Construction contracts
  • Investment Income
10.45

MFRS 15 REQUIREMENTS

  • Sale of Goods
  • Contract Manufacturing
  • Long Term Contracts
  • Construction contracts
  • Investment Income
1:00 Lunch
2:00

TAX IMPACT ON REVENUE

  • Revenue vs Capital Income
  • Sale of Goods
  • Contract Manufacturing
  • Long Term Contracts
  • Construction contracts
  • Investment Income
3:45

ACCOUNTING TREATMENT FOR EXPENDITURE

  • Capital Vs Revenue Expenditure
  • When expenditure is recognised
  • When an accrual is recognised
  • When expenditures may be capitalised
  • The Generally Accepted Accounting Practice (GAAP)MFRS/ MPERs
5:00 End of Day 1
Day 2
9:00

TAX TREATMENT FOR EXPENDITURES

  • General Tax Rule in relation to expenditures (S 33)
  • Specific Tax deductions (S 34)
  • Non- deductible Expenditure (S 39)
  • Gazette Orders
  • Double Deductions
  • Tax planning to maximise tax deductions
10.45

SALES AND SERVICES TAX ON REVENUE AND EXPENDITURE

  • Introduction to SST
  • What is Sales Tax?
  • What is Services Tax?
  • Coverage and licensing for Sales Tax Act
  • How imports and exports are affected
  • Definition of manufacturing under the Sales Tax Act
  • What constitutes a taxable service
  • Who would be liable to service tax
  • What industries are taxable
  • What services are taxable
  • What are not taxable services
  • Impact of the Services Tax on cost
1:00 Lunch
2:00

DEFERRED TAX

  • Why Deferred Tax is necessary?
  • The Deferred tax implication of the difference in Income recognition for accounting and tax purpose
  • Requirements of MFRS 112
  • Case Study
5:00 End of Course