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.: A Historical Perspective :.
1. Companies Ordinance 1940 , 1946 and 1956
2. Malaysian Companies Act 1965
Malaysian
Companies Act
1965
established the
reporting
requirement,rules
and regulation on
accounting
-
C3 : PPE
.: Introduction :.
- PPE : long-term assets which arise from investment decidion of
reporting entities
- PPE classified as tangible when :
Use in production , supply of goods or service , rental to other ,
administrative purpose
Use more than one period
.: Recognition of PPE :.
- PPE recognized as asset if :
It is probable that future economic benefits associated with the
item will floe to the entity
The cost of the item to the entity can be measured reliably
- Classification PPE depend on nature and use of the item
.: Measurement at Recognition :.
PPE purchased for cash
Initial cost :
Purchased price
XXXX
(-) : Trade discount
(XX)
Initial Price
XXX
(-) : Cash Disconut
(X)
Import duty
XX
Delivery fees
XX
Electrical Installation cost
XX
Maintenance cost
XX
Training cost
XX
Pre-production testing
XX
Cost of the ..
XXX
.: Subsequent Cost on PPR :.
- It is an expenditure on asset after it is brought into use
C4 : INVENTORY
Assets
~ A resouces controlled by the entity as a result of past events
and from which future economic benefits are expected to flow to
the entity
- PPE classified as tangible when :
Use in production , supply of goods or service , rental to other ,
administrative purpose
Use more than one period
.: Recognition of PPE :.
- PPE recognized as asset if :
It is probable that future economic benefits associated with the
item will floe to the entity
The cost of the item to the entity can be measured reliably
Definition inventories :