MFRS 137: Mastering Provisions, Contingent Liabilities & Contingent Assets (Remote Online) - Wanfahprosper : Job Details

MFRS 137: Mastering Provisions, Contingent Liabilities & Assets (with Latest Amendments) Remote Online Training

In todays dynamic financial landscape, accurate financial reporting is paramount. MFRS 137, which aligns with IAS 37, stands as a mandatory core accounting standard in Malaysia, requiring all entities preparing financial statements under MFRS to comply with its intricate requirements . This standard, however, is renowned for its complexity, demanding significant professional judgment in areas such as identifying present obligations, assessing the probability of resource outflows, and making reliable estimates .

Recent amendments, particularly concerning the cost of fulfilling a contract for onerous contracts (effective for annual periods beginning on or after January 1, 2022), mean that even seasoned professionals require updated knowledge and clarification on the latest implications . Furthermore, common errors highlighted by professional bodies, such as the misclassification of financial guarantee contracts, underscore a critical knowledge gap that this course aims to bridge .

This intensive training program is designed to equip financial professionals with an in-depth understanding of MFRS 137, enabling them to confidently navigate its complexities, avoid common pitfalls, and ensure accurate application in their financial reporting. Through a blend of engaging presentations, practical case studies, and interactive discussions, participants will gain the expertise needed to master provisions, contingent liabilities, and contingent assets in line with the latest MFRS requirements.

Training Date : 18th August 2025 13th October 2025 10th December 2025

LEARNING OBJECTIVES

Upon completion of this seminar, participants will be able to:

• Comprehend the fundamental principles necessitating an accounting standard for provisions .
• Distinguish effectively between legal and constructive obligations under MFRS 137 .
• Identify the precise circumstances under which a provision can and cannot be recognized .
• Apply the correct accounting treatment and measurement techniques for various types of provisions .
• Define and differentiate between contingent liabilities and contingent assets, and explain their appropriate accounting treatment .
• Accurately identify and account for specific complex areas including warranties/guarantees, onerous contracts (incorporating recent amendments), environmental provisions, and provisions for future repairs and refurbishments .
• Prepare comprehensive and compliant disclosures for provisions, contingent liabilities, and contingent assets in financial statements .
• Analyze and resolve real-world scenarios related to MFRS 137 through case studies, such as counter claims and environmental issues .
• Evaluate the rationales behind relevant MFRS issuances and their impact on financial reporting .

WHO SHOULD ATTEND

• Financial Controllers and Accountants
• Finance Managers and Financial Statement Preparers
• Audit Managers and Supervisors
• Accounts Executive
• Financial advisor for due diligence and IPO

METHODOLODY

• Engaging presentations with PowerPoint and whiteboard
• Illustrative examples, practical case studies, and real-world scenarios
• Interactive group discussions, Q&A sessions, and problem-solving exercises

COURSE OUTLINE

9:00 AM 10:30 AM:

Understanding Provisions The Why and When

• Explain why an accounting standard on provisions is necessary.
• Distinguish clearly between legal and constructive obligations.
• Explain in what specific circumstances a provision may be made (recognition criteria).
• Explain in what circumstances a provision may not be made (non-recognition scenarios).
• Show how provisions are initially accounted for and subsequently measured (best estimate, present value).

10:30 AM 10:45 AM:

Morning Break

10:45 AM 1:00 PM:

Case Studies & Practical Application 1

• In-depth case studies and group discussions focused on identifying obligations, applying recognition criteria, and initial measurement of provisions.

1:00 PM 2:00 PM:

Lunch Break

2:00 PM 3:30 PM:

Contingent Items & Specific Provisions

• Define contingent liabilities and contingent assets, explaining their accounting treatment and disclosure requirements (vs. recognition).
• Identify and account for specific complex provisions:
  • Warranties/guarantees (with a focus on their distinction from financial liabilities under MFRS 9, addressing common errors).
  • Onerous contracts, incorporating the latest amendments on cost of fulfilling a contract (effective Jan 1, 2022).
  • Environmental and similar provisions.
  • Provisions for future repairs and refurbishments.
• Detailed disclosure requirements for provisions, contingent liabilities, and contingent assets.

3:30 PM 3:45 PM:

Afternoon Break

3:45 PM 5:00 PM:

Case Studies & Advanced Application 2

• Case studies and group discussions on complex scenarios, including:
  • Counter claims.
  • Environmental issues.
  • Restructuring provisions (emphasize the judgment involved).

DOWNLOAD THE COURSE CONTENT IN PDF FORMAT FROM HERE

Dr Ooi Chee Keong CA(M), CFP PSMB Train-The-Trainer certificate no: TTT/18839

Dr Ooi Chee Keong is a Pembangunan Sumber Manusia Berhad (PSMB) Certified Trainer and a Senior Lecturer from School of Accounting and Finance, Faculty of Business and Law, Taylors University. He is also a Chartered Accountant of the Malaysian Institute of Accountants (MIA) since 2002.

Chee Keong has had a long and distinguished career as a Chartered Accountant in a number of well-known Malaysian and International Companies. He started his career in Accounting as an Auditor in a medium firm in 1999. In 2002, he joined Road Builder (M) Snd Bhd as an Assistant Accountant, attached with the International Division. In 2011, he raised to Chief Financial Officer (CFO) position with TNB Energy Services Sdn Bhd (a wholly owned subsidiary of Tenaga Nasional Berhad).

He has more than fifteen years of hand-on experience in difference areas of management and functions in diverse industries such as auditing, construction, engineering, manufacturing, trading and utilities. Other than finance, auditing, taxation, corporate finance and credit control, he also involved in business development, business strategic planning, budgeting and cost management with some public listed companies. In 2014, he completed his Doctor of Philosophy (Phd) degree and was offered Assistant Professor position with Universiti Tunku Abdul Rahman.

Chee Keong areas of specialization are Financial Accounting, Consolidated Financial Statements, Corporate Governance, Accounting Quality, Earnings Management and Earnings Quality.

Early Bird (15 days before event) : RM849

Group Fee (>2 participants) : RM758

Fee includes course materials and Certificate of Attendance (upon completion of the training).

Payment :

Please make cheque payable / direct credit to :WANFAH PROSPER PLT

Accounts Number : 381#######

DATA PROTECTION

Personal Data is gathered in accordance with the Personal Data Protection Act 2010 (Act 709)

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