The MIA Digital Economy and Reporting Insights provides quarterly updates on the areas of digital economy, tax and reporting. The Insight highlights contents and initiatives that are of high value to members.
MIA Digital Month 2023
Back again by popular demand, MIA Digital Month 2023 (MDM 2023) brought a dynamic month-long digitalisation convention geared to enabling digital technology adoption by the accounting profession in Malaysia. Centred around good governance as the foundation of the Environmental, Social and Governance (ESG) agenda, MDM 2023 championed ethical leadership in the digital economy, shared success stories on digital technology adoption, and advised delegates on managing cybersecurity risks and acquiring digital skills required for relevance, resilience, and future sustainability. MDM showcased a weekly complimentary webinar for four weeks running from 16 February 2023 to 8 March 2023. The MDM ended with our grand finale – the MIA AccTech Conference with the theme of Digital Evolution: Paving the Way Forward, which focused on the latest pivotal developments in technology to accelerate digital transformation in the accountancy profession. Insights from some of the sessions will be posted soon, stay tuned!
Digital Technology Adoptions Awards
In promoting digital technology adoption in the accounting profession, the Digital Technology Adoption Awards (DTAA) was launched during the MIA AccTech Conference 2023. MIA is introducing the Awards to recognise remarkable achievements of technology application by the accounting profession in commerce and industry, public practice, and public sector. Recognition of successful technology implementations in the accounting profession will encourage others in the profession to undertake digital transformation. The DTAA is one of the initiatives under the MIA Digital Technology Blueprint that sets forth the direction for the accounting profession in Malaysia in responding to digital technology.
2023 Budget Commentary and Tax Information Booklet
Following the retabling of the 2023 Budget in February 2023, MIA, in collaboration with Chartered Tax Institute of Malaysia (CTIM) and The Malaysian Institute of Certified Public Accountants (MICPA) published the 2023 Budget Commentary and Tax Information Booklet. The Booklet has been posted to MIA members and the soft copy will be available to MIA members soon.
Advocacy on taxation, financial reporting and public sector
Tax Treatment on Income Received in Malaysia from Outside Malaysia
MIA and MICPA submitted a joint memorandum for tax treatment on income received in Malaysia from outside Malaysia to the Inland Revenue Board (IRB) in January 2023. The memorandum raised six issues arising from the legislation and the guidelines on tax treatment in relation to income received from abroad. Following the issuance of amended guidelines by the IRB, MIA and MICPA submitted a revised joint memorandum that incorporates four additional issues pertaining to the economic substance requirements in March 2023. The responses from the IRB have been circulated to members via Circular 13/2023.
Reporting Sustainability Program Information
The International Public Sector Accounting Standards Board (IPSASB) released Exposure Draft (ED) 83, Reporting Sustainability Program Information in November 2022. The objective of the ED is to provide additional guidance to facilitate the reporting of sustainability program information. This additional guidance will enhance awareness about the applicability of, and help in applying, the existing guidance in IPSASB’s Recommended Practice Guideline 1 and Recommended Practice Guideline 3. MIA has submitted comments on the ED which can be viewed here.
Third Edition of the IFRS for SMEs Accounting Standard
The International Accounting Standards Board (IASB) published Exposure Draft Third Edition of the IFRS for SMEs Accounting Standard to update the IFRS for Small and Medium Enterprises (SMEs) Accounting Standard to reflect improvements that have been made in full IFRS Accounting Standards, while keeping the Standard simple for small and medium-sized entities. The proposed updates also include new requirements in IFRS Accounting Standards and other improvements that have been made to full IFRS Accounting Standards since the second edition of IFRS for SMEs Accounting Standard was published in 2015.
In Malaysia, the Malaysian Private Entities Reporting Standard (MPERS) is based on the IFRS for SMEs Accounting Standard. Any changes to the IFRS for SMEs Accounting Standard will normally be reflected in MPERS which will have an effect on MIA members who are in SMEs as well as the small and medium practices (SMPs) who are the auditors, preparers and advisors on MPERS financial statements. In February 2023, a roundtable discussion was held between the preparers, auditors and technical experts to create awareness on these potential changes to MPERS as well as collate views on the proposed changes in the Exposure Draft. Kindly view the comment letter here.
Priority Research Topics (PRT) Programme Awareness Session
In February 2023, MIA and The Malaysian Accountancy Research and Education Foundation (MAREF), a trust body sponsored by MIA organised a Priority Research Topics (PRT) Programme Awareness Session.
Researchers of PRT 2.0 Programme, Dr Nik Herda (Taylor’s University), Dr Kishan Krishnen (Universiti Sains Malaysia), Dr Arifatul Husna (Universiti Utara Malaysia) and Dr Mazni (University Malaya) shared their research findings at this webinar. Find out more about PRT2.0 short research reports here.
Meanwhile, the briefing on PRT 3.0 Programme was presented by Rasmimi Ramli (Executive Director, MIA), Simon Tay (Executive Director, MIA), Ng Boon Hui (Valuation Committee member) and Grace Ng (EY). The submission of research proposals for PRT 3.0 Programme closed on 31 March 2023.