ICM Series: Accounting, Auditing And Taxation Explained

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22
Oct 2019

8:30 am - 5:00 pm

Securities Commission Malaysia

HRD Corp
Claimable
10 CPE

MYR 750 *Fee is not inclusive of 8% SST

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ICM Series: Accounting, Auditing And Taxation Explained

 

Islamic financial products and services differ from conventional financial products and services in terms of philosophy and structure. This creates a challenge for Islamic financial institutions to produce a “true and fair” view of Islamic financial transactions. This task is further compounded by the rapid expansion in the breadth and depth of Islamic capital market activity as measured in terms of the number of institutions as well as by the variety, complexity and sophistication of products and services.

Programme Delivery

Programme Objective

This programme is designed to explain the essentials and implications of the accounting, auditing, taxation and zakat on the Islamic capital market products and services.

Learning Outcomes

By the end of this programme, participants will be able to:

  1. describe the accounting recognition, measurement and disclosure for Islamic capital market products and instruments;
  2. explain the taxation principles, framework and implications to the capital market participants;
  3. identify the Shariah audit process; and
  4. explain the accounting and reporting of Zakat for Islamic capital market products and instruments.

Topics Covered

  1. Accounting from an Islamic Perspective
  2. Accounting Recognition, Measurement and Disclosure
  3. AAOIFI Governance Standards & The Relationship with Shariah Supervisory Board
  4. Taxation for Islamic Capital Market Instruments
  5. Shariah Audit Process
  6. Zakat for Different Institutions
  7. Case Study on Accounting Treatments
  8. Accounting Treatment for Sukuk Default and Restructuring

Competencies

Foundational (Product Knowledge) – Islamic Capital Market Products
Foundational (Regulatory Knowledge) – Islamic Capital Market Regulations

Target Audience

Individual 

Experienced and new professionals or industry practitioners in the capital market, ICM and academia.

Institutions 

Asset management companies, advisory firms, legal firms, accounting firms,  stockbroking firms, investment banks, insurance companies, public listed companies and SMEs.

Programme Outline

Day 1

8.30 am Registration
9.00 am Accounting From an Islamic Perspective

  • Economic and religious aspects
  • Needs of islamic accounting
10.30 am Refreshments
11.00 am Accounting Recognition, Measurement And Disclosure

  • Contracts
  • Forms over substance
  • Substance over form
  • Substance and form
  • Four objectives of accounting disclosure
  • Different perspectives of AAOIFI, MASB, IFRS, DSOP-i

AAOIFI Governance Standards & The Relationship with Shariah Supervisory Board
12.30 pm Lunch Break
2.00 pm Taxation for Islamic Capital Market Instruments

  • The basic principles of taxation
  • Taxation framework in Malaysia & corporate tax
  • Tax implications for Islamic financial institutions
  • Treatment on profit
3.30 pm Refreshments
3.45 pm Taxation for Islamic Capital Market Instruments (continued)

  • Tax neutrality
  • Deduction for expenditure on issuance of Islamic securities
  • Tax implications for Special Purpose Vehicle (SPV)
  • Incentives
5.00 pm End of Session

Day 2

8.30 am Registration
9.00 am Shariah Audit Process

  • Framework and regulation
  • Evidence and Investigation
  • Auditor’s independence and liability
10.30 am Refreshments
11.00 am Zakat for Different Institutions

  • An introduction to the Islamic concept and objectives of zakat
  • The basic principles of zakat on business wealth
  • Zakat for financial securities i.e. shares and Sukuk
  • Accounting and reporting for zakat
  • Example of zakat computation ( measurement)
12.30 pm Lunch Break
2.00 pm Case Study on Accounting Treatments

  • Ijarah & Ijarah Muntahia Bittamleek (IMB) – leasing
  • Istisna’
  • Mudharabah
  • Musharakah & diminishing Musharakah
3.30 pm Refreshments
3.45 pm Accounting Treatment for Sukuk Default And Restructuring

  • Simulation and case study exercises
5.00 pm End of Programme

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