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The MIA Sustainability, Digital Economy and Reporting Insights provides quarterly updates on the areas of sustainability, digital economy, tax, reporting and research. The Insights highlights contents and initiatives that are of high value to MIA members. 

Sustainability 

The development of the MIA Sustainability Blueprint for the Accountancy Profession (the Blueprint) is reaching its final stage. Prior to this, a survey on Understanding Sustainability in the Accountancy Profession was conducted and MIA members from commerce and industry, public practice, public sector and academia sector have been engaged for their insights on sustainability and the accounting profession.

Following the overview of the Blueprint presented to the Council in January 2024, briefing sessions were held on 26 and 28 February and 12 March 2024 with the Chairs of MIA Committees. Feedback from the Committees has been considered by the Sustainability Blueprint Task Force and the Blueprint was tabled to the Council on 27 March 2024 for approval.

MIA Digital Month 2024

MIA Digital Month 2024 (MDM 2024) is set to return for the fourth consecutive year this April and May!

MDM 2024 brings you a month-long convention focusing on digitalisation of the accountancy profession in Malaysia. The programme will showcase a weekly complimentary webinar for four weeks and conclude with the grand finale of the reinvented MIA Accounting & Financial Technology Showcase 2024 (MIA AFT 2024), formerly known as the AccTech Conference. 

The weekly webinars will feature sharing by esteemed industry speakers with diverse viewpoints including those from public practice, professional accountants in business, public sector, and academia. With top-notch speakers and topics, the attendees will be equipped with inspiring and revolutionary insights to advance in their roles with digital transformation. The grand finale of MDM 2024 will be taking place at the Malaysia International Trade and Exhibition Centre (MITEC), where attendees will have the chance to network in person and gain valuable insights from experts and leading technology solution providers. 

MIA Digital Technology Adoption Awards (DTAA) Presentation Dinner

The Institute launched the Digital Technology Adoption Awards (DTAA) in March 2023 to promote digital technology adoption across the accountancy profession and raise awareness on how accountants contribute to businesses and economy through digitalisation. The DTAA also aims 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 their own digital transformation.

Following the evaluation by the esteemed adjudication committees, the DTAA Presentation Dinner is scheduled to take place on 15 May 2024 at the Malaysia International Trade and Exhibition Centre (MITEC). 

Taxation Advocacy

The Institute continues to play an important role in advocating for its members and offering technical assistance in the ever-changing world of taxation, as demonstrated by its active participation in conversations, submissions, and collaboration efforts with other professional bodies.

Introduction of Service Tax for Maintenance Services and Other Related Issues 

In February 2024, the Institute participated in a discussion chaired by the Secretary General of Treasury, YBhg Datuk Johan Mahmood Merican on the introduction of service tax for maintenance services and other related issues. Following the discussion, Circular No. 14/2024: Amendments to Service Tax was issued to invite members to submit issues with recommendations arising from the following legislation and policies:

The Institute received issues from members which have been submitted to the MoF.

Issues Arising from 2024 Budget Proposals

Following the updates provided in the MIA Sustainability Digital Economy and Reporting (Insights October-December 2023), the dialogue session with LHDNM was held in February 2024 regarding the Joint Memorandum on Issues Arising from the 2024 Budget Speech and Finance (No.2) Bill 2023. In collaboration with the Chartered Tax Institute of Malaysia (CTIM), The Malaysian Institute of Certified Public Accountants (MICPA) and The Malaysian Institute of Chartered Secretaries and Administrators (MAICSA), the Institute has been addressing issues arising from the tax proposals tabled in the National Budgets. The minutes of this dialogue and LHDNM’s responses are circulated  to members through Circular No. 8/2024 published on 1 April 2024.

Capital gains tax

The Institute has participated in the discussion with the MoF to provide constructive feedback and recommendation in relation to policy-drafting of CGT. In January 2024, the Joint CGT WG had a discussion with the MoF on the matter. MIA further published an article in February 2024 titled Understanding Capital Gains Tax-and Real Property Gains Tax for better understanding of members and public.

IPSASB Strategy and Work Programme 2024-2028: Consultation

The international Public Sector Accounting Standards Board (IPSASB) issued the Consultation Paper on Strategy and Work Programme 2024-2028 in October 2023. This Consultation provides an opportunity for constituents to comment on the IPSASB’s proposed Strategic Objective, and the two main activities to deliver on the Strategic Objective. In addition to that, constituents were also asked to comment on the potential future Financial Reporting Work Programme priorities, and suggest key issues related to public sector sustainability reporting that the IPSASB should consider incorporating to its Work Programme. MIA has submitted comments on the Consultation Paper which can be viewed here. 

Global Updates on Public Sector Reporting Standards

Following the various developments in the global standard setting agenda of the International Public Sector Accounting Standards Board (IPSASB) in 2023, an article summing up the developments was issued in February 2024. The article focuses on the latest pronouncements on measurement, revenue and transfer expenses, retirement benefit plans and IPSASB Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. Kindly click here to view the article. 

MAREF Priority Research Topics 3.0 – Call for Proposals

On 21 March 2024, MAREF invited submission of proposals on a research study titled “Correlation between Corporate Reporting using Integrated Reporting (IR) Framework and the Impact on the Performance (both financial and non-financial) of Companies (valuation-market value & cost of funds) for Malaysian Market and Demonstrates How Integrated Reporting (IR) Increases Investors’ Confidence”. The deadline for submission is 15 May 2024. For more details, please refer here.  

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