Auto generating MPERS and MFRS-compliant statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity upon completing source data.
Users are only required to choose the methods to presents its financial statements.
Further, auditSME allows users to choose and present its income statements either in single-statement approach or in two-statement approach.
No formatting, editing on presentation of financial statements is required.
Statement of Changes in Equity
The user has 3 options to choose in presenting Statement of Changes in Equity in the financial statements:
Separate components for TCI (RCA within equity, profit and other OCI)
Display separate components:
1. reclassification adjustment within equity
2. profit for the year
3. other comprehensive incomes
in Statement of Changes in Equity.
Total for TCI and separate item for RCA within equity
Display separate components:
1. reclassification adjustment within equity
2. Total comprehensive incomes
in Statement of Changes in Equity.
One combined total for TCI (including RCA within equity)
One combined total for total comprehensive incomes
Statement of profit or loss and other comprehensive income
Depending on methods used in presenting statement of changes in equity, users have 2 options to choose in presenting Statement of profit or loss and other comprehensive income in the financial statements:
Reclassification adjustment to profit and loss only and all OCI
Display separate item for
1. reclassification adjustment to profit and
loss
2. other comprehensive incomes
in statement of profit or loss and other comprehensive income.Reclassification adjustment within equity is excluded and is displayed in statement of changes in equity
All reclassification adjustments and OCI
Display separate item:
1. reclassification adjustment within equity
2. reclassification adjustment to profit and
loss
3. other comprehensive incomes
in statement of profit or loss and other comprehensive income.
Statement of financial position
Users have 2 options to choose in presenting statement of financial position:
Assets = equity and liabilities
One of most commonly used method. However, it does not show amount of total net assets and net current assets in statement of financial position.
Assets = liabilities (with net assets) and equity
One of most commonly used method. It shows amount of total net assets and net current assets in statement of financial position.
Conversion of PERS compliance Report To MFRS and MPERS compliance Report
Few easy steps to convert PERS-compliant report to MFRS-compliant and MPERS-compliant report or vice versa with auto correction of reporting key words.
All the keywords and accounting terminologies used in the audited financial statements are replaced automatically with those applicable to reporting standards.
Note
PERS: Private Entity Reporting Standards, which is equivalent to old International Accounting Standard(IAS).
MFRS: Malaysian Financial Reporting Standards, which is equivalent to IFRS.
MPERS: Malaysian Private Entity Reporting Standards, which is equivalent to IFRS for small and medium industry.