Categories: SpeechesPublished On: 27/11/2020

Distinguished Speakers, Ladies and Gentlemen

  1. Good morning and welcome to the MPERS webinar where we will be launching our first interactive e-book.
  2. The e-book presents MIA’s ongoing advocacy to develop the technical and digital competencies of our members, especially SMEs, and to digitalise the profession to ensure its future relevance. It is a digitalised version of the 2018 publication – the MIA Illustrative MPERS Financial Statements, with Commentaries and Guidance Notes, written by Mr Tan Liong Tong, which has been very well-received in the market.
  3. The launch of this e-book is very timely as we make greater use of digital tools in our work and daily lives. The interactive features such as informative videos and quizzes will engage the reader’s attention actively and enhance the reader’s understanding. The physical book that was published in 2018 was in an A4 size with more than 300 pages. The e-book can be accessed from laptops, smartphones and tablets as it is available on Windows, Android and iOS. It means you can access the e-book anywhere, anytime.
  4. In line with our comprehensive digital initiatives under the MIA Digital Technology Blueprint, this e-book will be made available as part of our new e-Library which we launched in July 2020.
  5. Like many of MIA’s initiatives, this e-book is a product of MIA’s extensive collaboration with our stakeholders, subject matter experts and internal talent. The Institute would like to take this opportunity to thank Mr Tan Liong Tong, Mr Danny Tan, Mr Tan Khoon Yeow, Ms Fauziah Begum and all MIA team members who participated in the videos included in this e-book. The Institute also thanks all MIA team members who have contributed towards the production of this e-book.
  6. MIA believes that this e-book will be especially relevant in the light of the uncertainty caused by the COVID-19 pandemic which affects every business, including the SMEs. COVID-19 has accounting implications for SMEs who are reporting using MPERS, which include, among others, impairment of assets, going concern assessment as well as subsequent events. This e-book will be very helpful in guiding both preparers and auditors to understand and accordingly address the impact of these issues on the MPERS financial statements, especially when many entities are reaching their financial year end. Today’s panel discussion on the impact of COVID-19 on MPERS reporting entities will shed more light on the accounting implications.
  7. Finally, today’s event is also a platform for updating members on the accounting development at the global level. The International Accounting Standards Board (IASB) issued a Request for Information (RFI) on Comprehensive Review of the IFRS for SMEs Standard in early 2020. The RFI seeks views on whether and how aligning the IFRS for SMEs Standard with the full IFRS Standards could better serve users of financial statements prepared by applying the IFRS for SMEs Standard, without causing undue cost and effort for SMEs. It is critical for members to be exposed on the proposals that the IASB is exploring in the Comprehensive Review as MPERS is based on the IFRS for SMEs. This will also be touched on during the panel discussion on MPERS updates.
  8. On that note, I wish you all a productive webinar. Thank you.