Why is Efficient Bookkeeping Vital for Annual Compliance

Why is Efficient Bookkeeping Vital for Annual Compliance in Johor Bahru?

Once successfully established, new borne companies have to start proper as well as maintaining reliable record for compliance functions. LHDN mandates financial documents and accounts be appropriately maintained to make sure that revenue earned and also business expenditures can be identified conveniently. Records and accounts need likewise to be supported with invoices, serially numbered receipts, […]

Why is Efficient Bookkeeping Vital for Annual Compliance

Financial Reporting Standards 18: Revenue (Scope and Objectives)

The main goal of every business is to generate income (Also see 4 Warning Signs to on Your Financial Statements). Based on the Framework for Preparation and Presentation of financial statements, income is the increment in economic benefits within a specific accounting duration. This increment is generally from the increased assets or reduced liabilities that […]

Why is Efficient Bookkeeping Vital for Annual Compliance

How to Determine Revenue – Financial Reporting Standard 18

Every business generates income, and different individuals have different methods to measure this revenue. The majority of company owners (Also see Most Welcomed Business Trends In Malaysia) assume that the actual payment amount banked in is profits. Revenue is in fact determined using other terms. For instance, how to measure the revenue from a transaction […]

Why is Efficient Bookkeeping Vital for Annual Compliance

Financial Reporting Standard 16: Property, Plant and Equipment

The Financial Reporting Standard 16 replaces the INTFRS 6 (expenses of changing current software application), the FRS16 (2003 version), the INT FRS 14 (property, plant and equipment – compensating loss or impairment) and the INT FRS 23. Every business in Malaysia has to implement this standard in property, plant and equipment. This is not a […]

Why is Efficient Bookkeeping Vital for Annual Compliance

Financial Reporting Standard 11: Construction Contracts

The properties of construction contracts might make it tough for you when preparing financial statements. The FRS 11 prescribes the accounting procedures of revenue and costs along with construction contracts. The Framework for the Preparation of Financial statements (Also see FRS 8 and FRS 10) is used in reporting the income and expenses in construction […]

Why is Efficient Bookkeeping Vital for Annual Compliance

Financial Reporting Standard 10: Events after the Reporting Period

You might need to adjust the financial statement of the company after the reporting duration. The Financial Reporting Standard 10 prescribes the procedure of carrying out the adjustments and also clarifies the required disclosures the release date of the company’s financial statement and the occasions that included after the reporting duration. Here is a guideline […]