Jinx!!! itulah dia hari-hari terakhir Ramadhan ni, terlepas sebanyak 2 kali. I wake-up dah, but tengok jam baru pukul 3, tidur lagi, terus 6.30 baru sedar..hai memang suweh. Then I got to re adjust a bit on my Business Law Assignment, not my fault, but when it come to team-work, one member of the team flop, it affecting the overall performance of the group. Disadvantage huh! but then still no man/woman is an island. The benefit of teamwork far out weight it's cost. Orang kata TULAH iyalah tuuuhhh kut...
TULAH apa ye? I've make such a horrible comment on the artikel wrote by one of ex-MASB. Incase you don't know the significant, of being one of the member of the board. Ok I don't want to eleborate so much, enuf if I say there's only 8 of them in Malaysia. Actually 6 aje, because no 1 is the chairman, no 2 is the accountant general, so that is to say the member is among the best 6 in financial reporting field who must also possess a sound knowladge and experience in one or more in the field of Business, Law and banking.
Let see I write, that make me feel that now I'm experiencing TULAH SACRED KATURAH ini:-
a. IFRS for agriculture
The author is of the opinion, of, irregularities in IFRS in asset valuation for agriculture is not favoring those in agriculture industries when it’s come to value the assets. 3 month palm oil will not going to be the same as 3 years oil palm. The owner should be given a choice whether to record these increase as an equity or income like as allowed in other industries, but in the case of agriculture, IFRS only allowed the increase to be classified as income that hit the Profit and Loss Account. I believe in agriculture, the increase should be treated as capital in nature. As if taking care of the trees such as weeding, fertilizing the crops is like you doing a renovation to your assets. Why want to chose-chose, so that the Financial Statement looks good for public listing in KLSE board?
b. Real estate sales
Different treatment in recognizing sales in real estate will cause a problem to the developer in Malaysia as they used to recognize sales based from progressive payment. Whereas when we have to adopt IFRS in 2011, sales is recognize when the project is completed. As young consumer who are still looking for batter home like me, I am very much agree with IFRS treatment, the author don’t feel the same. I don’t want to know why.. Honestly, I strongly disagree with him on this point.
c. IFRS can be Western-centric
I certainly don’t know what is these fellow is talking about. By stating 2 points, real estate sales and agricultural asset valuation doesn’t really convince me that the IFRS can be Western-centeric. He should gives more concrete evidence, more persuasive argument to support his claim. Otherwise he’s lowering himself to a complete idiot who carrying personal grudge against what is come from the west.
True, I strongly believe there’s many room of improvement for IFRS, when it’s come to geographical, demographical differences. However when you put a strong point like IFRS can be Western-centeric, make sure you make yourself smatter, more meticulous then the IFRS. Honestly I do have a problem try to understand what is this Nordin trying to convey to the reader. Is he want to attack us, Malaysian for being slow like a tortoise in responding to changes in New Accounting Standard or he wants to attack the IFRS for kunun-kunun not sensitive for differences in developing country like Malaysia.
I feel like asking this Nordin writing the whole article all over again.
I wrote this and submit it to my lecturer, I don't care nak fail-faillah malas aku nak fikir dah. I don't like wat he write...I believe MASB should do their level best to promote the International Standard. Not only MASB, but all certified Public Accountant should help MASB in it's mission. I believe the geographical differences is minimal and shouldn't be an issue, when it come to Financial Reporting.
Ada banyak lagi aku nak menceceh ni, tapi tunggu aku listed dulu.