DISCUSSION OF SELECTED ISSUES

TOPIC 6 SPECIAL FROM EXPOSURE DRAFT

ISSUES IN FINANCIAL DISCUSSION OF LIMITED LIABILITY
REPORTING (PART 1) PARTNERSHIP

NAME MATRIC NUMBER

ANIS BINTI FIRDAUS LIM 188622
IZZAH NASUHA BINTI ABD AZIZ  189814
HUSNA IZZATI BINTI MOHD YUSOP 190167
MUNIRAH BINTI RAHMAN TALIB 188873
MARDIYEE BINTI HARUN 188076
DISCUSSION OF SELECTED
ISSUES FROM EXPOSURE
DRAFT
PRESENTATION ON THIS TOPIC IS AVAILABLE
IN PUTRABLAST ON 17 MAY 2020 (SUNDAY)
 SELECTED ISSUES FROM EXPOSURE DRAFT

EXPOSURE DRAFT ON IFRS FOR SME (ED/2013/9)

EXPOSURE DRAFT FOR CLASSIFICATION OF LIABILITY (IAS 1) (ED/2015/1)

REFERENCE TO CONCEPTUAL FRAMEWORK (PROPOSED AMENDMENT TO IFRS 3)

(ED/2019/3)
IASB PROPOSES NEW STANDARD ON GENERAL PRESENTATION AND DISCLOSURES IN
FINANCIAL STATEMENT(ED/2019/7)

COVID-19 RELATED RENT CONCESSIONS (PROPOSED AMENDMENT IFRS 16) (ED/2020/2)

ACCOUNTING STANDARD DUE PROCESS
Research program - Identify issues & possible solutions

Development and publication of discussion paper

Developing a proposal for publication – Exposure draft

Redeliberations and finalisation - New standards

Post-implementation reviews

SOURCE: IASB (2020), IASB due process. Retrieved from:

https://www.iasplus.com/en/resources/ifrsf/due-process/iasb-due-process
 EXPOSURE DRAFT ON IFRS FOR SME (ED/2013/9)
• OVERVIEW OF IFRS FOR SME
- Developed specifically for small and medium-sized entities (SMEs).
- Not applicable to publicly traded company and financial institutions
such as banks and insurance companies.
- Being introduced on 9 July 2009.
- The purpose is to respond the international demand and the need
for smaller companies.
• Difference IFRS for SME with Full IFRS
1) IFRS for SME is self-contained
2) Less complex compare to full IFRS

SOURCE: Deloitte (2020), FRS for Small and Medium-Sized Entities (IFRS for SMEs).
Retrieved from: https://www.iasplus.com/en/standards/other/ifrs-for-smes
EXPOSURE DRAFT ON IFRS FOR SME (ED/2013/9) (Cont’d)
TIMELINE OF IFRS FOR SME
YEAR EVENT
2009 Introduction of IFRS for SMEs.
2012 First comprehensive review on IFRS for SME
2013 IASB issues Exposure Draft of proposed amendments to IFRS for SME
(THIS ARE RELATED TO WHAT WE ARE FOCUSED).
2014 Comment on ED IFRS for SME is due on 3 March
2015 Amendments to the IFRS for SMEs issued
2017 Effective date is beginning on or after 1 January 2017; earlier application
permitted.

SOURCE:
Deloitte (2020), IFRS for SMEs — Comprehensive review 2012-2014.
Retrieved from: https://www.iasplus.com/en/projects/completed/fs/ifrs-for-smes-comprehensive-review-2012
EXPOSURE DRAFT ON IFRS FOR SME (ED/2013/9) (Cont’d)
REASONS OF EXPOSURE DRAFT ON IFRS FOR SME

Minimize
Reduce
difference Make some
some
with full clarification
disclosure
IFRSs

SOURCE: Deloitte (2020), FRS for Small and Medium-Sized Entities (IFRS for SMEs).
Retrieved from: https://www.iasplus.com/en/standards/other/ifrs-for-smes
EXPOSURE DRAFT ON IFRS FOR SME (ED/2013/9) (Cont’d)

Various comment gathered:

1) Not to propose accounting policy options for revaluation of property,
plant and equipment (PPE) and capitalization of
development/borrowing costs
2) Commented on the scope of the IFRS for SMEs
3) Commented on the IASB’s proposed approach for dealing with new
and revised IFRSs
4) Supported aligning Section 29 Income Tax with IAS 12 Income Taxes

SOURCE:
Thompson, Paul (2014), IASB Progresses Review of IFRS for SMEs Retrieved from: https://www.ifac.org/knowledge-
gateway/supporting-international-standards/discussion/iasb-progresses-review-ifrs-smes
EXPOSURE DRAFT ON IFRS FOR SME (ED/2013/9) (Cont’d)
ADDITIONAL VIDEO FOR IFRS FOR SME
Please refer to this link for details on IFRS for SME:
https://www.youtube.com/watch?v=hWFRdCBVbzY
Exposure Draft for Classification of liability (IAS 1) (ED/2015/1)

 IAS 1 Presentation of Financial Statement acts as the

standard for financial statements in order to provide useful
information.
 The information consists of several components and one of
them is the liability.
 Therefore, this exposure draft (ED) is specially intended to
amend what is initially written in the standard regarding the
classification of liability.
Exposure Draft for Classification of liability (IAS 1) (ED/2015/1) (Cont’d)

THE ISSUANCE OF ED FOR CLASSIFICATION OF LIABILITY

• First issuance of ED:
 Jun 04, 2015.
 Accounting Standards Board had approved the response letter to the IASB’s ED.
 IASB staffs expect to gradually discuss two things
i. to test the proposals against specific transaction types number in the comment letter.
ii. to examine the guidance with respect to the transfer of equity as a means of settlement by
using specific examples raised in the consultation.
 The meeting held to discuss on the ED and further improvements were made to satisfy the
classification of the liabilities.

SOURCE:
Classification of Liabilities as Current or Non ... - IAS Plus. (n.d.). Retrieved May, 2020, from https://www.iasplus.com/en-
ca/projects/ifrs/exposure-drafts/classification-of-liabilities-proposed-amendments-to-ias-1
 Exposure Draft for Classification of liability (IAS 1) (ED/2015/1) (Cont’d)
REASONS OF EXPOSURE DRAFT FOR CLASSIFICATION OF LIABILITY
• Issue - he word used in the current standard to reflect the classification of liabilities.
• Inconsistencies in applying the IAS 1 due to the diversity in practice in different number of
areas.
• IASB has proposed 3 proposals in the ED which are:
i. To replace ‘discretion’ in paragraph 73 of the Standard with ‘right’ .
ii. Only rights in place at the reporting date should affect this classification of a liability.
iii. Deleting the word of ‘unconditional’ from paragraph 69(d) of the Standard so that ‘an
unconditional right’ is replaced by ‘a right’
SOURCE:
• IASB ISSUES AMENDMENTS TO IAS 1 CLASSIFICATION OF ... (2020). Retrieved May, 2020, from
https://www.bdo.global/getmedia/873aa535-5413-4b8e-89a9-88054d3b5593/IFRB-2020-01-Amendments-to-IAS-1-(liabi
lity-classification).aspx
• Classification of Liabilities - IFRS. (n.d.). Retrieved May, 2020, from https://www.ifrs.org/-/media/project/classification-of-
liabilities/published-documents/ed_classification-of-liabilities_prop-amdments-to-ias-1.pdf
 Exposure Draft for Classification of liability (IAS 1) (ED/2015/1) (Cont’d)

INVITATION TO COMMENT
• IASB has opened invitation to comments on this ED proposal and there are
three questions that the commentators shall be answering.
• The questions are generally listed as follows:
i. Classification based on the entity’s right at the end of the reporting period
ii. Linking settlement with the outflow of resources
iii. Transition arrangements
SOURCE:
• IASB ISSUES AMENDMENTS TO IAS 1 CLASSIFICATION OF ... (2020). Retrieved May, 2020, from
https://www.bdo.global/getmedia/873aa535-5413-4b8e-89a9-88054d3b5593/IFRB-2020-01-Amendments-to-IAS-1-(liabi
lity-classification).aspx
• Classification of Liabilities - IFRS. (n.d.). Retrieved May, 2020, from https://www.ifrs.org/-/media/project/classification-of-
liabilities/published-documents/ed_classification-of-liabilities_prop-amdments-to-ias-1.pdf
 Exposure Draft for Classification of liability (IAS 1) (ED/2015/1) (Cont’d)
OPPOSITIONS FOUND IN THE COMMENT LETTERS
• A comment letter received from Deloitte regarding the third proposal opposed
by the IASB.
• IASB proposed that the proposed amendments shall be applied retrospectively.
• Deloitte suggested that the Board needs to provide more guidance upon the
statement of "rights" to defer settlement and refinancing.
• Prospective application is considered to be more appropriate compared to
retrospective one.
• Retrospective application may not be warranted because in some
circumstances result in retrospectively reclassifying a liability as non-current,
where it is actually being settled within the next reporting period.
SOURCE:
Deloitte comment letter on IASB ED/2015/1 'Classification ... (n.d.). Retrieved May, 2020, from
https://www.iasplus.com/en/publications/global/comment-letters/2015/ed-2015-1
 Exposure Draft for Classification of liability (IAS 1) (ED/2015/1) (Cont’d)
SUPPORTIVE COMMENTS AND OPINIONS TO RECOMMENCE THE AMENDMENTS
• Another comment proposed by Deloitte for proposal number two. Deloitte commented
that it agreed to this proposal of IASB except the usage of “equity” word.
• Paragraph 69 was to be amended by adding up “by the transfer to the counterparty of
cash, equity instruments, other assets or services”.
• It is important to link the settlement of the liability with the outflow of resources of the
entity.
• Deloitte suggests that the terms of ‘liquidity’ and ‘insolvency’ are associated with an
entity’s availability of cash; yet issuing equity does not mean the same way.
• Also, there shall be other details which should be focused and revised too

SOURCE:
Deloitte comment letter on IASB ED/2015/1 'Classification ... (n.d.). Retrieved May, 2020, from
https://www.iasplus.com/en/publications/global/comment-letters/2015/ed-2015-1
Exposure Draft for Classification of liability (IAS 1) (ED/2015/1) (Cont’d)
EFFECTIVE DATE OF IMPLEMENTATION
• IASB proposed that the effective date of amendments to IAS 1 is to defer to
annual reporting periods beginning on or after 1 January 2023.
• European Financial Reporting Advisory Group (EFRAG) responses in a comment
letter its agreement towards the proposal.
• Supposedly, the initial effective date was planned beginning on or after 1
January 2022.
• Due to the covid-19 pandemic, companies are provided more time to
implement any classification changes resulting from the amendments.

SOURCE:
EFRAG draft comment letter on deferral of IAS 1 effective ... (n.d.). Retrieved May, 2020, from
https://www.iasplus.com/en/news/2020/05/efrag-dcl-ias-1
 Reference to the Conceptual Framework
(Proposed amendments to IFRS 3) (ED/2019/3)
OVERVIEW OF CONCEPTUAL FRAMEWORK
• helps the IASB to develop requirements in IFRS Standards based on consistent
concepts
• assist preparers of financial reports to develop consistent accounting policies for
transactions or other events when no Standard applies or a Standard allows a choice of
accounting policies
• Practical tool to assists all to understand and interpret Standards
What’s changed?
•  more comprehensive than the old one
• It covers all aspects of standard setting from the objective of financial reporting, to
presentation and disclosures. 
SOURCE:
Conceptual Framework (2018). Retrieved from:
https://www.ifrs.org/-/media/project/conceptual-framework/fact-sheet-project-summary-and-feedback-statement/conce
 Reference to the Conceptual Framework
(Proposed amendments to IFRS 3) (ED/2019/3) (Cont’d)
Changes of Conceptual Framework because of :

Lack of
Outdated Incomplete
clarity
improvements

Filled in
Clarified Updated
the gaps
SOURCE:
Conceptual Framework (2018). Retrieved from:
https://www.ifrs.org/-/media/project/conceptual-framework/fact-sheet-project-summary-and-feedback-statement/conce
 Reference to the Conceptual Framework
(Proposed amendments to IFRS 3) (ED/2019/3) (Cont’d)
Difference between Conceptual framework 1989
And
Conceptual Framework 2018

1989 a present obligation of the entity

arising from past events, the
A present obligation of the
entity to transfer an economic 2018
settlement of which is expected resources as a result of past
to result in an outflow from the events. An obligation is duty or
liability responsibility that entity has no
entity of resources embodying
economic benefits practical ability to avoid

a present economic resource

a resource controlled by the
entity as a result of past events
and from which future economic
benefits are expected to flow to
the entity.
controlled by the entity as a
result of past events. An
asset economic resource is a right
that has the potential to
produce

Source: 2018 IFRS Foundation, Project Summary Conceptual Framework

https://www.ifrs.org/-/media/project/conceptual-framework/fact-sheet-project-summary-and-feedback-statement/conceptual-framework-project-summary.p
df
 Reference to the Conceptual Framework
(Proposed amendments to IFRS 3) (ED/2019/3) (Cont’d)

Challenge and impact of the changes

• determining to what extent an asset can
Asset be split into different rights and the
impact on recognition and derecognition.

Liability
• determining which future actions/costs a
company has no ‘practical ability’ to avoid.

Source: 2018 IFRS Foundation, Project Summary Conceptual Framework

https://www.ifrs.org/-/media/project/conceptual-framework/fact-sheet-project-summary-and-feedback-statement/conceptual-framework-project-summary.p
df
 Reference to the Conceptual Framework
(Proposed amendments to IFRS 3) (ED/2019/3) (Cont’d)

REASONS OF EXPOSURE DRAFT ON IFRS 3

• To promote consistency in financial reporting and avoid the confusion that could result
from having more than one version of the Conceptual Framework in use.
• Update IFRS 3 Business Combinations so it refers to the 2018 Conceptual Framework
instead of the 1989 Framework.
• Add to IFRS 3 an exception to its recognition principle. For liabilities and contingent
liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and
Contingent Assets or IFRIC 21 Levies if incurred separately, an acquirer should apply IAS
37 or IFRIC 21 respectively, instead of the Conceptual Framework, to identify the
obligations it has assumed in a business combination.
• Add to IFRS 3 an explicit statement that an acquirer should not recognise contingent
assets acquired in a business combination.

Sources : IASB publishes proposed amendments to IFRS 3 to update a reference to the Conceptual Framework, (2019). Retrieved
from: https://www.iasplus.com/en/news/2019/05/ifrs-3-ref-cf
 Reference to the Conceptual Framework
(Proposed amendments to IFRS 3) (ED/2019/3) (Cont’d)
Duration for comments
• 14 June 2019 until 27 September 2019
• The Board met on 30 January 2020 to finalise its amendments to IFRS 3 Business
Combinations.

Comments on amendment
• Agree with the proposed amendments to IFRS 3 to replace a reference to an old version of the
Conceptual Framework
• Agree with the proposed addition of an exception for the recognition principles in IFRS 3 with
respect to liabilities and contingent liabilities in the scope of IAS 37 and of IFRIC 21 and of the
clarification of the IFRS 3 requirements for contingent assets.
• Concern on day 2 gains or losses and unintended consequence
• Commented on recognition of contingent assets

Sources : IFRS- Exposure Draft and Comment Letters

https://www.ifrs.org/projects/work-plan/updating-a-reference-to-the-conceptual-framework-ifrs-3/comment-letters-projects/ed-reference-to-the-conceptual-f
ramework/#comment-letters
 IASB proposes new standard on general presentation and
disclosures in Financial Statement (ED/2019/7)
OVERVIEW OF A NEW STANDARD ON GENERAL PRESENTATION AND DISCLOSURES
- Intended to replace IAS 1 'Presentation of Financial Statements‘.

- The Board developed these proposals as part of its Primary Financial Statements project and wider
work on ‘Better Communication in Financial Reporting’.

- Due to the covid-19 pandemic, Comment deadline changed from 30 June 2020 to 30 September
2020.
- The Agenda consultation 2015 revealed that respondents wanted the Board to priorities projects that
are important to users of financial statements.
- The ED does not contain a proposed effective date as the IASB will decide on the effective date only
upon completion of its redeliberations.

SOURCE: IASB (2019), IASB proposes new standard on general presentation and
disclosures in financial statements. Retrieved from:
IASB proposes new standard on general presentation and
disclosures in Financial Statement (ED/2019/7) (Cont’d)
TIMELINE OF A NEW STANDARD ON GENERAL
PRESENTATION AND DISCLOSURES

2015 • Agenda consultation identified the project as a priority

2016- • Board discussion to develop Exposure Draft

2019
• Exposure draft published for public comment
2019

• Comment period (ends 30 June but changed to 30 September)

2020 • Board starts redeliberations

SOURCE: IFRS (2020), General Presentation and Disclosures. Retrieved from:

https://www.youtube.com/watch?v=U-iie4JuZjs
 IASB proposes new standard on general presentation and
disclosures in Financial Statement (ED/2019/7) (Cont’d)
MAIN AREAS IN EXPOSURE DRAFT
- Introduction of defined subtotals and categories in the statement of profit or loss.

- Introduction of requirements to improve aggregation and disaggregationDue to

the covid-19 pandemic, Comment deadline changed from 30 June 2020 to 30
September 2020.

- Introduction of Management Performance Measures (MPMs) and accompanying

disclosures in financial statements.
- Introduction of targeted improvements to the statement of cash flows.

SOURCE: IASB (2019), IASB proposes new standard on general presentation and
disclosures in financial statements. Retrieved from:
 IASB proposes new standard on general presentation and
disclosures in Financial Statement (ED/2019/7) (Cont’d)
Project responds to investor needs :
What investors say Board’s main proposals
Subtotals in the statement of profit or loss Require companies to present additional
need to be comparable between different defined subtotals in the statement of profit
companies. or loss.
Companies should provide more granular Strengthen requirements for
information and information grouped in a disaggregating information in a useful way
way that provides better inputs for our in the financial statements.
analysis.
Performance measures defined by Require companies to disclose information
management can provide useful about management performance
information, but should be used in a more measures in the notes to the financial
transparent and disciplined way. statements.

SOURCE: CDN (2019), Snapshot : General Presentation and Disclosures. Retrieved from:
https://cdn.ifrs.org/-/media/project/primary-financial-statements/exposure-draft/snapshot-ed-
general-presentation-disclosures.pdf
 IASB proposes new standard on general presentation and
disclosures in Financial Statement (ED/2019/7) (Cont’d)

AMENDMENTS TO OTHER IFRS STANDARDS

IAS 7 Statement of Cash Flows
IFRS 12 Disclosure of Interests in
Other Entities Amendments to reflect new
IAS 33 Earnings per Share proposals
IAS 34 Interim Financial Reporting

IAS 8 Accounting Policies, Changes in

Accounting Estimates and Errors Amendments to move parts of
IFRS 7 Financial Instruments: IAS 1 into other Standards
Disclosures
SOURCE: CDN (2019), Snapshot : General Presentation and Disclosures. Retrieved from:
https://cdn.ifrs.org/-/media/project/primary-financial-statements/exposure-draft/snapshot-ed-general-
presentation-disclosures.pdf
 COVID-19 RELATED RENT CONCESSION
– PROPOSED AMENDMENT TO IFRS 16 (ED/2020/2)

Please refer to this link for details on the news:

https://www.theedgemarkets.com/article/berjaya-times-square-waive-rent-all-tenants-march-1
8-till-april-14
COVID-19 RELATED RENT CONCESSION – PROPOSED AMENDMENT
TO IFRS 16 (ED/2020/2) (Cont’d)

 CURRENT REQUIREMENT IN IFRS 16

(para. 44)
if there is any modification to the scope of leases such as adding the right to
use one or more underlying assets and the consideration of the leases
increases by an amount equal with the stand-alone price, thus lessee need
to account their leases as a separate lease.

SOURCE:
MFRS 16, Leases (2016). Retrieved from:
http://www.masb.org.my/pdf.php?pdf=BV2018_MFRS%2016.pdf&file_path=pdf_file
COVID-19 RELATED RENT CONCESSION – PROPOSED AMENDMENT
TO IFRS 16 (ED/2020/2) (Cont’d)
REASONS OF EXPOSURE DRAFT ON IFRS 16
• Requirement in para 44 IFRS 16 is difficult for lessees to assess Covid-19 related rent
concessions.
• Many lessees are first time apply the latest IFRS 16 in preparing their annual financial
statements, and it requires a lot of work.

WHO WOULD BE AFFECTED BY ED/2020/02

• lessees that are granted with rent concessions as a direct consequence of Covid-19
pandemic.
• users of the lessees' financial statements.

SOURCE:
IASB (2020) Exposure Draft ED/2020/02, COVID-19-related rent concessions. Retrieved from:
https://cdn.ifrs.org/-/media/project/ifrs-16-covid-19/ed-covid-19-related-rent-concessions.pdf
COVID-19 RELATED RENT CONCESSION – PROPOSED AMENDMENT
TO IFRS 16 (ED/2020/2) (Cont’d)
PROPOSED AMENDMENT TO IFRS 16 LEASES
• Subsequent measurement
• Lease modifications
 46A. As a practical expedient, a lessee may elect not to assess whether a COVID-19related rent concession (see
paragraph 46B) is a lease modification. A lessee that makes this election should account for any change in lease
payments resulting from the covid-19-related rent concession. the same way it would account for the change
applying this Standard if the change were not a lease modification
 46B. The practical expedient in paragraph 46A applies only to rent concessions occurring as a direct consequence of
the covid-19 pandemic and only if all of the following conditions are met:
a) the change in lease payments results in revised consideration for the lease that is substantially the same as, or less
than, the consideration for the lease immediately preceding the change;
b) any reduction in lease payments affects only payments originally due in 2020 (for example, a rent concession
would meet this condition if it results in reduced lease payments in 2020 and increased lease payments that
extend beyond 2020); and
c) there is no substantive change to other terms and conditions of the lease.

SOURCE:
IASB (2020) Exposure Draft ED/2020/02, COVID-19-related rent concessions. Retrieved from:
https://cdn.ifrs.org/-/media/project/ifrs-16-covid-19/ed-covid-19-related-rent-concessions.pdf
COVID-19 RELATED RENT CONCESSION – PROPOSED AMENDMENT
TO IFRS 16 (ED/2020/2) (Cont’d)
PROPOSED AMENDMENT TO IFRS 16 LEASES (Cont’d)
• Disclosure
60A. A lessee that applies the practical expedient in paragraph 46A shall disclose that
fact.
• Appendix C
Effective date and transition
Effective date
C1A. [Draft] Covid-19-Related Rent Concessions, issued in [Month] 2020, added
paragraphs 46A, 46B and 60A. A lessee shall apply that amendment for annual
reporting periods beginning on or after 1 June 2020. Earlier application is permitted,
including in financial statements not yet authorised for issue at [date the amendment is
issued].
SOURCE:
IASB (2020) Exposure Draft ED/2020/02, COVID-19-related rent concessions. Retrieved from:
https://cdn.ifrs.org/-/media/project/ifrs-16-covid-19/ed-covid-19-related-rent-concessions.pdf
COVID-19 RELATED RENT CONCESSION – PROPOSED AMENDMENT
TO IFRS 16 (ED/2020/2) (Cont’d)
PROPOSED AMENDMENT TO IFRS 16 LEASES (Cont’d)
• Transition

• Covid-19-related rent concessions for lessees

C20A. A lessee shall apply [Draft] Covid-19-Related Rent Concessions (see paragraph
C1A) retrospectively, recognising the cumulative effect of initially applying that
amendment as an adjustment to the opening balance of retained earnings (or other
component of equity, as appropriate) at the beginning of the annual reporting period in
which the lessee first applies the amendment.

Duration for Comment for ED/2020/02

 Deadline for the comment would be by 8 May 2020.
 IASB plans to finalise amendment by end of May 2020.

SOURCE:
IASB (2020) Exposure Draft ED/2020/02, COVID-19-related rent concessions. Retrieved from:
https://cdn.ifrs.org/-/media/project/ifrs-16-covid-19/ed-covid-19-related-rent-concessions.pdf
COVID-19 RELATED RENT CONCESSION – PROPOSED AMENDMENT
TO IFRS 16 (ED/2020/2) (Cont’d)
Comment for ED/2020/02
 Comment from European Financial Reporting Advisory Group (EFRAG)
 Agree but suggest the relief also be given to all rent concessions granted in 2020.
SOURCE:
IASplus (2020), EFRAG draft comment letter on rent concessions ED. Retrieved from:
https://www.iasplus.com/en/news/2020/05/efrag-dcl-ifrs-16

 Comment from Deloitte Touche Tohmatsu Limited

 Agree but suggest to extend relief to any reductions in lease payment agreed on
or before June 2021, and;
 Suggest for lessors to get the same relief also.
SOURCE:
IASplus (2020), Deloitte comment letter on the IASB's proposed amendments to IFRS 16 related to COVID-
19. Retrieved from: https://www.iasplus.com/en/publications/global/comment-letters/2020/ed-2020-2
 SUMMARY
• Every accounting standards will undergo its own due process starting from research
program, development and publication of discussion paper, developing a proposal for
publication, redeliberations and finalisations of the new standard and lastly is post
implementation review.
• IFRS for SME was developed aimed to respond to the international demand and the need of
smaller companies to have a standardised standard that will guide them in their preparation
of their accounts and financial statements. IFRS for SME (ED/2013/9) also undergo some
amendments and the reasons for the amendments are due to aim to minimize the
difference with the full IFRSs, to make some clarifications and to reduce some disclosure.
• The ED on Classification of Liability (ED/2015/1 ) focuses on the changes of terms or words
used in the IAS 1. The application of the appropriate word will affect the treatments of a
business and consequently determine the liability to be either current or non-current. Despite
the disagreement received in comment letters, IASB has been supposed by thoughtful
opinions to consider for better amendments application. All due to that few changes will
definitely affect another paragraph too if it were to be linked with one another.
 SUMMARY (Cont’d)
• Exposure draft Reference to the Conceptual Framework (Proposed amendments to IFRS 3)
(ED/2019/3) is important as it proposed to update the ifrs3 to follow CF2018 instead of
CF1989. Updating the reference without making any other changes to IFRS 3 could change
the accounting requirements for business combinations because the liability and asset
definition in the 2018 Conceptual Framework is broader than that in previous versions.
• Based on the exposure draft where IASB propose a new standard on General Presentation
and Disclosures in Financial Statement (ED/2019/7), there are only four main areas
commented by publics. This is to ensure the proposals in the exposure draft were developed
by the Board as part of its Primary Financial Statements project, which is part of the Board’s
work on Better Communication in Financial Reporting.
• From (ED/2020/02) Rent Concessions Related to Covid-19 we can see that for IASB to
propose for amendment of certain accounting standards, they will take into consideration
the situations and event that happened. IASB also will take into considerations any
information that informed to them. Besides, every amendment made by IASB to IFRS also
aims to help the preparers of financial statement without impaired the integrity of financial
statements' information.
DISCUSSION OF LIMITED
LIABILITY PARTNERSHIP
PRESENTATION ON THIS TOPIC IS AVAILABLE
IN PUTRABLAST ON 18 MAY 2020 (MONDAY)
 FLOW OF DISCUSSION
What is limited liability partnership?

The reason LLP Act 2012 was passed

The originate of LLP

The difference between LLP with normal Partnership

Advantages and disadvantages on LLP compare to others business form

Example presentation of financial statements LLP with company and partnership

Type of company that are suitable to apply LLP

 WHAT IS LIMITED LIABILITY PARTNERSHIP?
• A partnership in which some or all partners (depending on the jurisdiction) have limited liabilities.

• An alternative business vehicle to carry out business, which combines the characteristics of a private
company and a conventional partnership.

• LLP provides limited liability status to its partners and offers the flexibility of internal arrangement
through an agreement between the partners.

• Limited Liability Partnership is a legal entity that means it will not be terminated in the case of changes
in partners.

• LLP more structured business vehicle compared to a sole proprietorship or a conventional partnership.

• In Malaysia, LLP is Governed by Companies Commission of Malaysia (Suruhanjaya Syarikat Malaysia)

• LLP is alternative business vehicle under Limited Liability Partnership Act 2012

• In Malay Limited Liability Partnership known as Perkongsian Liabiliti Terhad (PLT)

• Example of LLP in Malaysia, KPMG PLT

SOURCE:
Wikipedia (2020), Limited liability partnership. Retrieved from:https://en.wikipedia.org/wiki/Limited_liability_partnership
The reason LLP Act 2012 was passed
• Provide guideline for the registration, administration and dissolution of
limited liability partnerships (“LLP”)
Sections available in the LLP Act 2012:
Section Subject
PART I PRELIMINARY
PART II FUNDAMENTALS OF A LIMITED LIABILITY PARTNERSHIP
PART III FORMATION AND REGISTRATION
PART IV MANAGEMENT OF A LIMITED LIABILITY PARTNERSHIP
PART V CONVERSION TO LIMITED LIABILITY PARTNERSHIPS
PART VI FOREIGN LIMITED LIABILITY PARTNERSHIPS
PART VII WINDING-UP, DISSOLUTION AND STRIKING-OFF
PART VIII ENFORCEMENT
PART IX GENERAL
SOURCE:
Limited Liability Partnership Act 2012
THE ORIGINATE OF LIMITED LIABILITY
PARTNERSHIP
 The United States creates the first LLP
During the financial crisis of the late 1980s and early 1990s hundreds of
US Savings and Loans firms were declared insolvent. As a result of the
collapse many accountancy and legal firms faced legal claims instigated by
the US government. Successful on legal claims could have resulted in all
partners, including those who were not responsible for the failure of the
savings and loan firms, being liable to repay millions of dollars in
compensation. Finally, in 1991 Texas introduced the concept of a limited
liability partnership (LLP).

SOURCE:
History and legislation relating to LLPs, Limited liability partnership. Retrieved from:
https://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch49-60/Chapter%2053A/Part
%201/Part%201.htm
 Comparison of LLP with Partnership

Partnershi
LLP
Company name ended with the Entity Name
p
word “PLT” (Perkongsian Liabiliti Choice of Trade Name subjected to
Terhad) Appearances ROB approval

Separate legal entity Legal Status Not a separate legal entity

No personal liability of partner, Unlimited liability(jointly and severally

liable with the partnership) which can
except for own wrongful act or Personal liability extend to personal assets of the
omission or without authority
partners

Compliance Officer or partner of

the LLP Compliance officer Not Available
 Comparison of LLP with Partnership (cont’)

Partnershi
LLP
p
No compulsory unless it
Statutory Audit
is provided in the No Audit required
Requirement
partnership agreement

Must lodge an annual

declaration and solvency Annual Compliance Not Required
statement with CCM

Limited Liability Registration of

partnership Act 2012 Rules & Regulations Businesses Act 1956
(LLP) (RBA)
 ADVANTAGES OF LIMITED LIABILITY
PARTNERSHIP (LLP)

Partners Have Limited No requirement of

Legal Liability
Source:
Ki, A. (2018) Advantages of Limited Liability
Partnerships. Retrieved from:
https://www.legalmatch.com/law-library/artic
le/advantages-of-limited-liability-partnerships.
html
Flexibility
Source:
Ki, A. (2018) Advantages of Limited Liability
Partnerships. Retrieved from:
https://www.legalmatch.com/law-library/arti
cle/advantages-of-limited-liability-partnership
s.html
compulsory Audit
Source:
Paul Hype Page & Co. (2020) Limited Liability
Partnerships in Malaysia. Retrieved from:
https://www.paulhypepage.my/limited-liabilit
y-partnerships-in-malaysia/

No requirement of No requirement of Annual Uninterrupted

minimum contribution General Meeting Existence
Source: Source: Source:
Dobiz India (2019) The Benefits of Limited 3E Accounting (n.d.) Limited Liability Lawyered Team (2017) Advantages of a
Liability Partnership (LLP) Over Private Limited Partnership LLP FAQ in Malaysia. Retrieved Limited Liability Partnership. Retrieved from:
Company. Retrieved from: from: https
https://www.techprevue.com/benefits-limited- https://www.3ecpa.com.my/limited liability-p ://www.lawyered.in/legal-disrupt/articles/adv
liability-partnership/ artnership/llp-faq/ antages-limited-liability partnership/
 DISADVANTAGES OF LIMITED LIABILITY
PARTNERSHIP (LLP)

Profit cannot be Partners can The LLP

retained in the act structure does
LLP must have
same way as a independently not provide
at least two
company within the protection
members
limited by structure of an against internal
shares LLP negligence

SOURCE:
Simple Formations (n.d.) Limited Liability Partnerships
the Pros and Cons. Retrieved from:
https://www.simpleformations.com/llp-benefits-and-disa
dvantages.htm
SOURCE:
Gaille, L. (n.d.) 18 Limited Liability Partnership (LLP)
Advantages and Disadvantages. Retrieved from:
https://vittana.org/18-limited-liability-partnership-llp-adv
antages-and-disadvantages
Example presentation of financial statements LLP with company and partnership
(INCOME STATEMENT)

LLP (KPMG) Partnership (Mazars)

Example presentation of financial statements LLP with company and partnership
(INCOME STATEMENT) SOURCE:
• KPMG Annual Report 2019. (n.d.). Retrieved May,
Company (Panasonic) 2020, from
https://www.couragetochange.dk/wp-content/uploads
/2020/01/KPMG_2019_annual_report_web.pdf
• Major Difference Of The Financial Statement between
Partnership And Limited Company - College
Accounting Coach. (n.d.). Retrieved May, 2020, from
http://basiccollegeaccounting.com/2006/09/major-
difference-of-the-financial-statement-between-
partnership-and-limited-company/
• Mazars Annual Report 2018/2019. (n.d.). Retrieved
May, 2020, from
https://www.mazars.my/content/download/977579/
51115657/version//file/Mazars%20Financial%20Sta
tements%202018%202019.pdf
• Panasonic Manufacturing Malaysia Berhad Annual
Report 2018. (n.d.). Retrieved May, 2020, from
http://pmma.panasonic.com.my/wp-content/uploads
/ar2018.pdf
• Public Ruling No.5/2015. Taxation of Limited Liability
Partnership. (May, 2014). Retrieved May, 2020, from
http://lampiran1.hasil.gov.my/pdf/pdfam/PR_5_201
5.pdf
 Example presentation of financial statements LLP with company and partnership
(INCOME STATEMENT)
i. Distribution of profits
Limited Liability Partnership (LLP) Partnership Company
Information showed The Income Statement of the LLP The Consolidated Income The Statement of Profit or Loss
shows no distribution of profit Statement of the Partnership and OCI shows the total profit for
since the profit is nil. shows the “attribution of OCI to the year and total comprehensive
partners” under other income for the year. Panasonic
comprehensive income. does not have other
comprehensive income.
Distribution of profits Share of profits are distributed Share of profits are distributed Dividends would be distributed
according to agreed ratio to each according to agreed ratio to each towards shareholders, reducing
partner by crediting capital partner by crediting capital retained earnings account in the
account. account. statement of changes in equity.
Dt Income RM XXX Dt Income RM XXX
Ct Partner’s capital Ct Partner’s capital
account RMXXX account RMXXX

SOURCE:
Lumen Financial Accounting. Journal entries for Partnerships. (n.d.). Retrieved May, 2020, from
https://courses.lumenlearning.com/sac-finaccounting/chapter/journal-entries-for-partnerships/
Example presentation of financial statements LLP with company and partnership
(BALANCE SHEET)
LLP (KPMG) Partnership (Mazars)
Example presentation of financial statements LLP with company and partnership
(BALANCE SHEET) (Cont’d)
Company (Panasonic)
SOURCE:
• KPMG Annual Report 2019. (n.d.). Retrieved May, 2020, from
https://www.couragetochange.dk/wp-content/uploads/2020/01
/KPMG_2019_annual_report_web.pdf
• Major Difference Of The Financial Statement between Partnership
And Limited Company - College Accounting Coach. (n.d.).
Retrieved May, 2020, from
http://basiccollegeaccounting.com/2006/09/major-difference-
of-the-financial-statement-between-partnership-and-limited-
company/
• Mazars Annual Report 2018/2019. (n.d.). Retrieved May, 2020,
from
https://www.mazars.my/content/download/977579/51115657
/version//file/Mazars%20Financial%20Statements%202018%2
02019.pdf
• Panasonic Manufacturing Malaysia Berhad Annual Report 2018.
(n.d.). Retrieved May, 2020, from
http://pmma.panasonic.com.my/wp-content/uploads/ar2018.pd
f
• Public Ruling No.5/2015. Taxation of Limited Liability
Partnership. (May, 2014). Retrieved May, 2020, from
http://lampiran1.hasil.gov.my/pdf/pdfam/PR_5_2015.pdf
 Example presentation of financial statements LLP with company and partnership
(BALANCE SHEET)
ii. Items under equity section
Limited Liability Partnership (LLP) Partnership Company

Item classified under Contributed capital. Current partnership financing and Share capital.
equity section non-current partnership financing.
Types of capital Capital contributions by the Capital contributions by the Capital raised from shareholders’
contribution partners can be in cash and in partners can be in cash and in fund including share capital,
kind (such as assets, etc.) but do kind (such as assets, etc.) but do retained earnings and capital
not include partner’s loans to the not include partner’s loans to reserves.
LLP. partnership.

iii. Taxation
Limited Liability Partnership (LLP) Partnership Company
Classification of “Taxation” under current liability. “Tax payable” is classified under “Taxation” under current liability.
taxation trade and payable item.
Tax imposition • LLP - Income from an LLP will Tax imposed on partners. Tax imposed on company.
be taxed at the LLP level as
applicable to 'person' .
• Partners - They will be taxed
on remunerations, perquisites
and benefits-in-kind received
from the LLP.
 Example presentation of financial statements LLP with company and partnership
iv. Consolidation
Limited Liability Partnership Partnership Company
(LLP)
Consolidation as No consolidation. • Mazars SCRL, which is the • Only consolidate its
shown in the financial “consolidating entity”, that operating segments.
statements are majority owned by
other entities.
• Operating entities located
in 90 countries and
territories.

Can this business Yes if it were to fulfil the Yes if it were to fulfil the Yes if it were to fulfil the
consolidate? basis for consolidation. basis for consolidation. basis for consolidation.
Example presentation of financial statements LLP with company and partnership
(STATEMENT OF CASH FLOWS)
LLP (KPMG) Partnership (Mazars)
Example presentation of financial statements LLP with company and partnership
(STATEMENT OF CASH FLOWS) (Cont’d)
Company (Panasonic)
SOURCE:
• KPMG Annual Report 2019. (n.d.). Retrieved May, 2020, from
https://www.couragetochange.dk/wp-content/uploads/2020/01
/KPMG_2019_annual_report_web.pdf
• Major Difference Of The Financial Statement between
Partnership And Limited Company - College Accounting Coach.
(n.d.). Retrieved May, 2020, from
http://basiccollegeaccounting.com/2006/09/major-difference-
of-the-financial-statement-between-partnership-and-limited-
company/
• Mazars Annual Report 2018/2019. (n.d.). Retrieved May, 2020,
from
https://www.mazars.my/content/download/977579/51115657
/version//file/Mazars%20Financial%20Statements%202018%2
02019.pdf
• Panasonic Manufacturing Malaysia Berhad Annual Report 2018.
(n.d.). Retrieved May, 2020, from
http://pmma.panasonic.com.my/wp-content/uploads/ar2018.pd
f
• Public Ruling No.5/2015. Taxation of Limited Liability
Partnership. (May, 2014). Retrieved May, 2020, from
http://lampiran1.hasil.gov.my/pdf/pdfam/PR_5_2015.pdf
 Example presentation of financial statements LLP with company and partnership (STATEMENT OF CASH FLOWS) (Cont’d)
iv. Cash flows
Limited Liability Partnership General Partnership Company
(LLP)
Cash flow information Financing activities consists of Financing activities consists of Financing activities consists of
partnership financing. partnership financing. dividends paid.
Type of business that are suitable to apply LLP

Business
Business
involved Professional
with high Foreigner
many Groups
risk
partners

SOURCE:
L&Co Chartered Accountant (n.d.). Who shall set up the LLP. Retrieved from:
https://www.liew.my/limited-liability-partnership/#1581403012557-eba6d563-d610
 SUMMARY
• Limited Liability partnership (LLP) is a partnership in which some or all partners
(depending on the jurisdiction) have limited liabilities.
• In Malaysia, there is an act passed specifically on LLP which is LLP Act 2012 to provide
guidelines for the registration, administration and dissolution of LLP.
• LLP is originally came from United States due to financial crisis in the late 1980s and
early 1990s. The event affected those partners that are not involved in the operations
also faced claims and this unfair to those partners. Thus, in 1991 Texas introduced the
concept of LLP to protect partners that are not involved in the operation only liable to the
amount that they contributed.
• The LLP and Partnership Firm are a similar form of entities but differ due to the way of
functioning, terms and conditions, method of dissolution of the firm and many more.
Also, both the kind of firms is governed under different regulations by the government.
Therefore, both the entities enjoy different types of liabilities, benefits/ advantages and
freedom for commencing the business.
 SUMMARY (Cont’d)
• On the other hand, from what our group has presented, there are several advantages that shows why LLP
are more preferred over company form of business which are partners have limited legal liability, LLP are
more flexible, no requirement for compulsory audit, minimum contribution and to convene AGM. Lastly is
LLP has uninterrupted existence.
• However, it is a norm in our life that every things has its own advantages as well as disadvantages. It also
applies the same to LLP. The disadvantages of LLP would be Profit cannot be retained in the same way as
a company limited by shares, llp must have at least two members, partners can act independently without
other partners' consent and LLP does not provide protection if there is fraud or issues that are coming from
party inside the partnership.
• There are three types of business being compared on its financial statements too. Examples of financial
statements are extracted from KPMG as an LLP, Mazars for partnerships and Panasonic for company.
Financial statements are generated based on their owners’ roles and comparisons discussed upon the
financial statements’ point of view. It is found that general view of these three financial statements would
be that both LLP and partnerships focuses on the contribution of their partners and for company is its
shareholders. Every other decision to record in financial statement would be linked to the owner of
corporations.
• Type of business that are suitable to apply LLP are business with high risk, business involved many party,
foreigner and professional body.
 REFERENCES
DISCUSSION OF SELECTED ISSUES FROM EXPOSURE DRAFT
• CDN (2019), Snapshot: General Presentation and Disclosures. Retrieved from:
https://cdn.ifrs.org/-/media/project/primary-financial-statements/exposure-draft/snapshot-ed-general-
presentation-disclosures.pdf
• Classification of Liabilities - IFRS. (n.d.). Retrieved May, 2020, from
https://www.ifrs.org/-/media/project/classification-of-liabilities/published-documents/ed_classification-
of-liabilities_prop-amdments-to-ias-1.pdf
• Classification of Liabilities as Current or Non ... - IAS Plus. (n.d.). Retrieved May, 2020, from
https://www.iasplus.com/en-ca/projects/ifrs/exposure-drafts/classification-of-liabilities-proposed-
amendments-to-ias-1
• Conceptual Framework (2018). Retrieved from: https://www.ifrs.org/-/media/project/conceptual-
framework/fact-sheet-project-summary-and-feedback-statement/conceptual-framework-project-
summary.pdf
• Deloitte (2020), FRS for Small and Medium-Sized Entities (IFRS for SMEs). Retrieved from:
https://www.iasplus.com/en/standards/other/ifrs-for-smes
 REFERENCES (Cont’d)
DISCUSSION OF SELECTED ISSUES FROM EXPOSURE DRAFT (Cont’d)
• Deloitte (2020), IFRS for SMEs — Comprehensive review 2012-2014. Retrieved from:
https://www.iasplus.com/en/projects/completed/fs/ifrs-for-smes-comprehensive-review-2012
• Deloitte comment letter on IASB ED/2015/1 'Classification ... (n.d.). Retrieved May, 2020, from
https://www.iasplus.com/en/publications/global/comment-letters/2015/ed-2015-1
• Details on IFRS for SME (n.d.). Retrieved from: https://www.youtube.com/watch?v=hWFRdCBVbzY
• EFRAG draft comment letter on deferral of IAS 1 effective ... (n.d.). Retrieved May, 2020, from
https://www.iasplus.com/en/news/2020/05/efrag-dcl-ias-1
• IFRS (2020), General Presentation and Disclosures. Retrieved from: https://www.youtube.com/watch?v=U-
iie4JuZjs
• IFRS- Exposure Draft and Comment Letters. https://www.ifrs.org/projects/work-plan/updating-a-reference-
to-the-conceptual-framework-ifrs-3/comment-letters-projects/ed-reference-to-the-conceptual-
framework/#comment-letters
• IFRS Foundation (2018), Project Summary Conceptual Framework.
https://www.ifrs.org/-/media/project/conceptual-framework/fact-sheet-project-summary-and-feedback-
statement/conceptual-framework-project-summary.pdf
 REFERENCES (Cont’d)
DISCUSSION OF SELECTED ISSUES FROM EXPOSURE DRAFT (Cont’d)
• IASB (2019), IASB proposes new standard on general presentation and disclosures in financial statements.
Retrieved from: https://www.iasplus.com/en/news/2019/12/pfs
• IASB (2020) Exposure Draft ED/2020/02, COVID-19-related rent concessions. Retrieved from:
https://cdn.ifrs.org/-/media/project/ifrs-16-covid-19/ed-covid-19-related-rent-concessions.pdf
• IASB (2020), IASB due process. Retrieved from: https://www.iasplus.com/en/resources/ifrsf/due-
process/iasb-due-process
• IASB ISSUES AMENDMENTS TO IAS 1 CLASSIFICATION OF ... (2020). Retrieved May, 2020, from
https://www.bdo.global/getmedia/873aa535-5413-4b8e-89a9-88054d3b5593/IFRB-2020-01-
Amendments-to-IAS-1-(liability-classification).aspx
• IASB publishes proposed amendments to IFRS 3 to update a reference to the Conceptual Framework,
(2019). Retrieved from: https://www.iasplus.com/en/news/2019/05/ifrs-3-ref-cf
• IASplus (2020), Deloitte comment letter on the IASB's proposed amendments to IFRS 16 related to COVID-
19. Retrieved from: https://www.iasplus.com/en/publications/global/comment-letters/2020/ed-2020-2
• IASplus (2020), EFRAG draft comment letter on rent concessions ED. Retrieved from:
https://www.iasplus.com/en/news/2020/05/efrag-dcl-ifrs-16
 REFERENCES (Cont’d)
DISCUSSION OF SELECTED ISSUES FROM EXPOSURE DRAFT (Cont’d)
• MFRS 16, Leases (2016). Retrieved from: http://www.masb.org.my/pdf.php?pdf=BV2018_MFRS
%2016.pdf&file_path=pdf_file
• The Edge Markets (2020): Berjaya Times Square to waive rent for all tenants from March 18 till April 14.
Retrieved from: https://www.theedgemarkets.com/article/berjaya-times-square-waive-rent-all-tenants-
march-18-till-april-14
• Thompson, Paul (2014), IASB Progresses Review of IFRS for SMEs Retrieved from:
https://www.ifac.org/knowledge-gateway/supporting-international-standards/discussion/iasb-progresses-
review-ifrs-smes
 REFERENCES (Cont’d)
DISCUSSION OF LIMITED LIABILITY PARTNERSHIP
• Dobiz India (2019), The Benefits of Limited Liability Partnership (LLP) Over Private Limited Company.
Retrieved from: https://www.techprevue.com/benefits-limited-liability-partnership/
• Gaille, L. (n.d.) 18 Limited Liability Partnership (LLP) Advantages and Disadvantages. Retrieved from:
https://vittana.org/18-limited-liability-partnership-llp-advantages-and-disadvantages
• History and legislation relating to LLPs, Limited liability partnership. Retrieved from:
https://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch49-60/Chapter%2053A/Part%201/Part
%201.htm
• Ki, A. (2018) Advantages of Limited Liability Partnerships. Retrieved from:
https://www.legalmatch.com/law-library/article/advantages-of-limited-liability-partnerships.html
• KPMG Annual Report 2019. (n.d.). Retrieved May, 2020, from https://www.couragetochange.dk/wp-
content/uploads/2020/01/KPMG_2019_annual_report_web.pdf
• Lawyered Team (2017) Advantages of a Limited Liability Partnership. Retrieved
from:https://www.lawyered.in/legal-disrupt/articles/advantages-limited-liability partnership/
• Limited Liability Partnership Act 2012
 REFERENCES (Cont’d)
DISCUSSION OF LIMITED LIABILITY PARTNERSHIP (Cont’d)
• Lumen Financial Accounting. Journal entries for Partnerships. (n.d.). Retrieved May, 2020, from
https://courses.lumenlearning.com/sac-finaccounting/chapter/journal-entries-for-partnerships/
• L&Co Chartered Accountant (n.d.). Who shall set up the LLP. Retrieved from: https://www.liew.my/limited-
liability-partnership/#1581403012557-eba6d563-d610
• Major Difference Of The Financial Statement between Partnership And Limited Company - College
Accounting Coach. (n.d.). Retrieved May, 2020, from http://basiccollegeaccounting.com/2006/09/major-
difference-of-the-financial-statement-between-partnership-and-limited-company/
• Mazars Annual Report 2018/2019. (n.d.). Retrieved May, 2020, from
https://www.mazars.my/content/download/977579/51115657/version//file/Mazars%20Financial
%20Statements%202018%202019.pdf
• Panasonic Manufacturing Malaysia Berhad Annual Report 2018. (n.d.). Retrieved May, 2020, from
http://pmma.panasonic.com.my/wp-content/uploads/ar2018.pdf
• Paul Hype Page & Co. (2020) Limited Liability Partnerships in Malaysia. Retrieved from:
https://www.paulhypepage.my/limited-liability-partnerships-in-malaysia/
 REFERENCES (Cont’d)
DISCUSSION OF LIMITED LIABILITY PARTNERSHIP (Cont’d)
• Public Ruling No.5/2015. Taxation of Limited Liability Partnership. (May, 2014). Retrieved May, 2020, from
http://lampiran1.hasil.gov.my/pdf/pdfam/PR_5_2015.pdf
• Simple Formations (n.d.) Limited Liability Partnerships the Pros and Cons. Retrieved from:
https://www.simpleformations.com/llp-benefits-and-disadvantages.htm
• Wikipedia (2020), Limited liability partnership. Retrieved from:
https://en.wikipedia.org/wiki/Limited_liability_partnership
• 3E Accounting (n.d.) Limited Liability Partnership LLP FAQ in Malaysia. Retrieved from:
https://www.3ecpa.com.my/limited liability-partnership/llp-faq/