-
Audit approach
Designing a tailored audit programme customised for your business, we will combine the collective skill and experience of assurance professionals around the world to deliver an audit that is efficient and provides assurance to your key stakeholders.
-
Audit methodology
We have adopted Grant Thornton International's Horizon audit approach and Voyager software, a revolutionary paperless audit designed to achieve a consistent standard of audit service.
-
MFRS
At Grant Thornton, our MFRS advisers can help you navigate the complexity of financial reporting.
-
Our local experts
Our local experts
-
Tax advisory & compliance
Our teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
-
Corporate & individual tax
Our teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
-
International tax & Global mobility services
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
-
Indirect tax
Our indirect tax specialists help clients in effective planning; assist to bring clarity to the legislation; assist and advise in audits or investigations. It is important for all entities, whether or not required to register for Sales Tax or Service Tax to analyse the impact of the taxes on their business operations, their revenues and expenses, and their customers and suppliers.
-
Tax audit & investigation
Tax audit and investigation
-
Transfer pricing
Transfer pricing
-
M&A, Restructuring & Forensics
Forensic
-
Corporate finance
Whether you are raising capital, disposing of a business or seeking a wider market for your company's shares on a stock market, we are ready to help make it a successful and stress-free experience for you.
-
Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
Recovery and reorganisation
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Prepare for revenue recognition standard with MFRS 15 Contract Review Tool
25 Jan 2018Plan for change
A single, global converged, principal-based revenue recognition model – MFRS 15 Revenue from Contracts with Customers is effective from 1 January 2018 and it replaces most revenue recognition standards, e.g. MFRS 118 Revenue, MFRS 111 Construction Contracts and etc. Companies should not underestimate the level of judgment and attention to the documentation supporting those judgments.
Areas where you might encounter changes
The new guidance will not only necessitate updates to existing financial accounting policies, procedures and systems, but will also potentially affect internal controls, contracts and compensation, as well as tax accounting. Even if reported amounts do not change materially, significant new disclosures require careful attention.
We believe that most companies should anticipate and budget for the significant effort to address:
• accounting policies and disclosures;
• processes to develop and incorporate many new management judgments into revenue accounting;
• related internal controls that will require updating, if not overhauling, as a result of changes to accounting policies and processes;
• systems to capture, process and report new data and etc.
New Revenue Model
How Grant Thornton Malaysia can assist in adoption of MFRS 15
We have developed a set of MFRS 15 Contract Review Tool to facilitate the process of evaluating the contracts under MFRS 15. It will assist the management in assessing their revenue contracts and identify the appropriate accounting treatment in compliance with MFRS 15.
Please contact your Grant Thornton personnel or contact us at technical@my.gt.com for more details.
For other publications:
Click to view our Special Edition of MFRS Hot Topic
• Special Edition of MFRS Hot Topic [ 16424 kb ]
Click to view other Grant Thorntons IFRS 15 publications
• IFRS 15 New global revenue standard - Life Sciences focus [ 1319 kb ]
• IFRS 15 New global revenue standard - Retail focus [ 1331 kb ]
• IFRS 15 New global revenue standard - Real Estate focus [ 1317 kb ]
• IFRS 15 New global revenue standard - Construction focus [ 1318 kb ]
• IFRS 15 New global revenue standard - Manufacturing focus [ 1303 kb ]
• IFRS 15 New global revenue standard – Software and cloud services focus [ 1320 kb ]
