Lasee

It's very stupid when you can't even respect your predecessor or someone whom was crucial to your organisations development. Of course sometimes their education or place their are working makes them egoistic and arrogant. It's not your position makes you to be leader. It's your work and humility which makes you someone.

If you are already in 30s and not married and still hanging with other unmarried girls. You all are the issue and you all are the fundamental for the organisations failure. If you are taking care of animals, just look after them lah..why disturb other organisations.

You can cover all your bad doings, but you can't escape from it, because 1 days it will become big and makes the organisation more shitty.

Don't you feel shame swindling money. Stupid...your mother didn't teach you is it. No wonder you keep changing your girlfriends it's still unstable.

Even yogurt will become smelly when it's kept for long time. Body could be big, but mind is small or don't have at all.

Tuesday Humour

Weekly Quotes

Chong Wei should retire

Lee Chong Wei suffered the biggest humiliation when he got knocked out in qualifying round of Korean Open. It's a history for Chong Wei whom only taking part for the 3rd time in qualifiers and getting knocked out. The oponet was former world junior champion and got beaten by chong wei 2 weeks ago in Japan Open.

It was rumored that Chong Wei has rough ties with new coaching director Morten Frost.

It's either he should retire or go independent, just like tennis players.

Happy Malaysia Day

It's the day where Sabah and Sarawak was included joined Malaya, it was named as Malaysia. 1963, Singapore was still with us. They separated from us in 1965, followed by Brunei.

Nevertheless, those countries has prospered and Malaysia is still suffering.

When our unity is in jeopardy, certain groups are making it worse by organising Raleigh today.

As I was jogging around Hartamas area, I saw at least 20 buses load of passengers gathering at Masjid Wilayah Persekutuan, getting ready for the Raleigh.

I wonder if it's going to bring any benefit to the country as there's no purpose or motive of the gathering. Worse thing, even DBKL and police gave permit for such raleigh/gathering. 

Proud to be Indian

When reporters asked Bill Gates, "Why are you recruiting Indians and not Americans?"

Bill Gates answered, "If I don't recruit Indians, they will create another Microsoft in India and we need to close shop".

Tuesday Humor

Weekly Quotes

The BIG 4 are the biggest

The fiscal year 2014 numbers are in, and the bragging rights for the Big Four accounting firm with the largest revenues go to . . .  Deloitte.

It’s the third time since the 2008 global financial crisis that the New York-headquartered company founded in London in 1845 topped the league table.

For all but one year from 2007 to 2012, PwC was the world’s biggest accounting firm, notching up revenues ahead of Deloitte, EY and KPMG. It was only in 2010 that Deloitte got to No. 1 – edging out PwC by the narrowest of margins, at US$9 million.

In 2013, the difference between Deloitte and PwC in revenues was some US$300 million in Deloitte’s favor. In 2014, Deloitte pulled ahead by a slightly smaller US$248 million.

But all four firms had another record year. Deloitte’s US$34.2 billion is its largest ever since 2009, when revenues for the Big Four as a whole fell by 7.4% in the wake of the 2008 global financial crisis. PwC’s 2014 sales of US$34 billion is similarly a record, as are EY’s US$27.4 billion and KPMG’s 24.8 billion.  

As we observed in previous articles, it’s more than just bragging rights. A public accounting firm with revenues in the double-digit billions is a formidable partner for any CFO, regardless of its ranking among the Big Four. And no other firm is likely to join the Double-Billion Club anytime soon. No. 5 BDO International reported global sales of US$7 billion in 2014 (from US$6.4 billion in 2013).

Cesar Bacani | Friday, January 09, 2015 from CFO Innovation

My comment:

The gap between BDO and big 4 is still huge with difference of US17billion. Big $ has changed their strategy by implementing group auditors where, if the group is audited by a Big 4, the subsidiaries around the world should follow the same. The fees were determined at group level. This makes the medium and small player not to get many MNC under their bucket.

Furthermore, when it comes to consultancy, there is no cap or regulation on the fees, which makes certain BIG4 to charge exorbitantly. With countries like UK removing audit requirement for SME, makes small firm to retire or pull out from the industry.

Wonder, whats the future of audit in Malaysia.  

MFRS 15 is deferred again

This standard on contract (construction revenue) has been the hot topic since 2010. The bigger firms wanted it, so that it would be easier for them in auditing, as the consequences will focus on revenue recognised based on completed properties.

Nevertheless, some medium firms has been strongly against it, as it would affect the small players in property industry and including the software developers.

The larger construction companies like Sime Darby, SP Setia, Ecoworld, Sunway, BRDB has project every year, which would not affect their profit or assets. But for smaller players, their revenue would be very volatile. Which affect their balance sheet, and should they want to go for listing or seeking financial assistance.

Extracted from CFO Innovation Asia Staff | Tuesday, September 08, 2015

The Malaysian Accounting Standards Board confirms that the effective date of MFRS 15 Revenue from Contracts with Customers will be deferred to annual periods beginning on or after 1 January 2018, following the recent announcement by the International Accounting Standards Board of a one-year deferral of IFRS 15 Revenue from Contracts with Customers. However, early application of MFRS 15 is still permitted.

As a result, the effective date for Transitioning Entities (TEs) to apply the Malaysian Financial Reporting Standards (MFRSs) will also be deferred to annual periods beginning on or after 1 January 2018.

The TEs are entities within the scope of MFRS 141 Agriculture and/or IC Interpretation 15 Agreements for the Construction of Real Estate, including their parents, significant investors and joint ventures.

Generally, the TEs are entities in the real estate and agriculture industries that have been given the option to continue applying the Financial Reporting Standards Framework, the predecessor of the MFRSs Framework.