Sunday, 5 February 2017

Posted by Muhammad Adam bin Roslan |
The new Companies Act 2016, which replace the old Companies Act 1965 has been passed in Parliament on 28th April 2016, then gazetted on 15th September 2016. According to the The Star Online (2017), the effective date of the first phase of the implementation of the new act was on 31st January 2016. I believe the readers will want to know what are the major changes may happen after the implementation date.

Here I want to share some of the information that I received during the briefing about Companies Act 2016 organized by my company which is Afrizan Tarimili Khairul Azhar (AFTAAS). Besides that, I have also make further research about the reaction from various parties regarding the implementation of the new act. But before that, I just want to remind that this article will not cover all areas as I just want to convey the messages in a simple way as all readers are not from the accounting background.
The purpose of the introduction of the new act is to facilitate incorporation and reduce cost of doing business, simplify the compliance, enhance internal control, governance and corporate responsibility and to provide flexibility in managing companies.

Areas of Change

        1. AGM for the private companies is optional

For private companies, the Annual Grand Meeting (AGM) will be not a mandatory for them. The financial statements should be circulated to shareholders within 6 months of financial year end and lodged to SSM within 30 days of the circulation. The communication among the members by using electronically form is allowed. However, for Public Companies, the AGM is still a mandatory.

         2.  No Par Value Regime

There will be no par value for the issuance of shares. The company can put any price to issue the shares. Therefore, there will be no share premium and also capital revaluation reserve (CRR). So, for the accounting students, you should aware about this. To report the amount and value of the shares under the new regime, there are two option. The first option is the company can capitalise the share premium and also the credit revaluation reserve. Kindly refer to the image captured below to understand on how the option can work.



    3.   No more authorised share capital

There will be no more authorised share capital. Therefore, the companies may issue unlimited number of shares. Previously, if they want to increase the number of authorised share, they need to pay some amount of money to the authority. The abolishment of authorised share capital will help to reduce their cost to run the business.

     4. Not all companies will be audited

In the previous Companies Act 1965, all companies are compulsory to be audited. However, in the new act, there is exception for the dormant and small companies. According to the Draft Practice Directive 1/2017, the small companies must be a private company and satisfy any two criteria for each two financial years which are:

       a)      Revenue is equal or less than RM300,000
       b)      Total asset is equal or less than RM500,000
       c)      At year end, the total number of employee is equal or less than 5 employees

    However, for small and dormant companies, they still need to lodge their financial statement.
     
     5.      Dividend

The divided is to be declared out of profits available. The regulation is same with the previous Companies Act 1965. However, under the new act, the dividend can be distributed only if the company is solvent immediately after the distribution. It means, after distribute the dividend, the company should has the ability to settle their obligation such as pay the creditors within 12 months of the distribution. Therefore, the management of the company need to assess the company’s ability carefully before declare the dividend. If the improper distribution happen, the company has the power to recover the dividend from shareholders, director, manager, or accountant (or any officer) who authorised the payment.

It means the creditor can claim their payment from the shareholder, director, manager, accountant or the officer who authorised the payment and they need to pay or settle the obligation by using their personal money. Not only that, the guilty person will be liable to imprisonment of 5 years and/fine for RM3 millions.

According to Nee (2017), the Companies Act 2017 will simplify incorporation procedures for companies and bring significant cost savings for businesses through the creation of a more business-friendly environment. I hope this article can help the readers to understand about the changes that will happen after the implementation of the new act. Please make further research to get more comprehensive information as it is important and gives impact to the education and also to the business sector.

References:
Phase one of Companies Act 2016 comes into effect. (2017, February 1). The Star Online. Retrieved February 5, 2017, from http://www.thestar.com.my/business/business-news/2017/02/01/phase-one-of-companies-act-2016-comes-into-effect/

Nee, E. A. (2017, January 3). Companies Act 2016 – a game changer in 2017? The Sun Daily. Retrieved February 5, 2017, from http://www.thesundaily.my/news/2115307



The author can be contacted through email: muhammadadamiium@gmail.com

Monday, 30 January 2017

Posted by Muhammad Adam bin Roslan |
Tujuan artikel ini ditulis ini ialah untuk membantu para pembaca dan masyarakat umum untuk memahami siapakah itu Generasi Z yang kini sudah pun berada di dalam institusi pengajian tinggi. Penulisan ini juga didorong oleh kurangnya kajian mengenai generasi terbaharu ini. Di Malaysia, kita masih banyak bercakap mengenai Generasi Y yang sebahagian besarnya sudah pun masuk ke dalam alam pekerjaan. Maka, saya beranggapan kita perlu mula memberikan perhatian kepada generasi Z kerana merekalah yang akan mencorakkan masyarakat dan negara kita pada masa akan datang.

Diharapkan agar penulisan kecil ini dapat memberikan pemahaman kepada semua golongan agar dapat mengurangkan konflik antara generasi, konflik antara pihak majikan dengan graduan IPT serta pekerja baru dan juga antara ibu bapa dan pensyarah atau guru dengan anak-anak dan anak murid. Saya menulis artikel ini berdasarkan pembacaan saya terhadap banyak hasil kajian, tulisan akademik dan juga artikel yang dibuat oleh pelbagai pihak. Terima kasih buat mereka.

Siapakah Generasi Z?

Menurut Ernst & Young, salah satu firma audit terbesar di dunia, mereka menyatakan bahawa Generasi Z ialah mereka yang lahir pada selepas tahun 1997. Menurut William (2016) pula, ialah mereka yang lahir pada selepas tahun 1995. Sudrajat (2012) menyatakan sejak 1995 dan Khalid (2015) juga mempunyai pendapat yang sama. Terdapat juga kajian mengatakan Generasi Z ialah mereka yang dilahirkan sejak 1995 sehingga 2009 (Mahani & Nazlinda, 2015). Saya lebih cenderung untuk menyatakan bahawa Generasi Z ialah mereka yang lahir sejak tahun 1996 (selepas 1995) selepas melihat ada perubahan yang berlaku pada generasi pelajar yang lebih muda daripada saya ketika saya belajar di Universiti Islam Antarabangsa Malaysia (UIAM).

Hal ini bermakna, kumpulan generasi Z yang paling tua ketika penulisan ini dibuat ialah mereka yang sedang berumur 20 atau 21 tahun (bergantung pada tarikh hari jadi masing-masing). Ini menunjukkan juga bahawa sebahagian daripada mereka sudah pun berada di dalam universiti dan kolej.

Generasi Z merupakan generasi yang sangat celik dan mahir dalam bidang teknologi maklumat. Mereka dilahirkan dan dibesarkan dengan telefon pintar, mereka telah mula melayari internet ketika masih kecil lagi serta ada juga yang sudah mempunyai akaun media sosial ketika berada dalam fasa kanak-kanak. Ada yang menggelarkan mereka sebagai generasi teknologi (Mahani & Nazlinda, 2015). Khalid (2015) pula mengatakan bahawa mereka ialah generasi ‘hyper-connected’. Kaji selidik mendapati 80% dari kalangan mereka menghabiskan masa secara purata 8 jam sehari dengan internet, dengan 47% merasakan kehidupan mereka seolah-olah tidak lengkap jika tidak ber'online' (Khalid, 2015). Malah, Accounting Principals, dalam kajiannya ada menyatakan Generasi Z boleh membuat pelbagai tugas sekurang-kurangnya lima skrin sehari (William, 2016).

“Gen Z-ers multitask across at least five screens a day and spend 41 percent of time outside of school/work with computers or mobile devices compared to 22 percent of Millennials 10 years ago.”

Apa beza antara Generasi Z dengan Generasi Y? Tim Elmore (2014) ada menggariskan perbezaan antara kedua-dua generasi tersebut seperti di bawah:

1. While Generation Y spent money boldly and with few boundaries, 57% of Generation Z prefers saving money to spending it.

2. While Generation Y spent loads of time at the mall, Generation Z prefers shopping online for almost all their purchases… except for online games. Hmmm.

3. While Generation Y grew up during a strong economy, Generation Z is growing up in a time of recession, terrorism, violence, volatility, and complexity.

4. While Generation Y subscribed to everything social, Generation Z doesn’t want to be tracked, preferring Snapchat, Secret, or Whisper to communicate.

5. While Generation Y watched YouTube, Hulu and Netflix, Generation Z wants to co-create, live stream, and help to make up the activity as they participate.

6. While Generation Y loved sports and adventure, Generation Z sees sports as a health tool, not for play. Their games are inside. Teen obesity has tripled since 1970.

7. While Generation Y grew up with slightly longer attention spans, Generation Z has an attention span of 8 seconds. Approximately 11% have ADHD.

8. While Generation Y initiated text messages as a norm, Generation Z prefers communicating through images, icons and symbols.

9. While Generation Y worried about their growing social status and their “likes” on social media, Generation Z worries about the economy and world ecology.

10. While Generation Y enjoyed a life that revolved around them, Generation Z plans on coping with multi-generational households and marriages (400% increase).


Apa yang saya boleh rumuskan ialah generasi Z tidak boleh dianggap sebagai generasi kesinambungan dengan generasi Y kerana perbezaan itu berlaku akibat suasana sosial dan ekonomi yang mereka alami semasa dalam proses kelahiran, pembesaran dan pendewasaan berbeza dengan generasi Y. Sudah pasti suasana itu memberikan kesan terhadap sikap dan sifat mereka. Saya harap artikel ini sedikit sebanyak dapat membantu anda semua untuk lebih memahami. Dengan adanya pemahaman yang baik, bolehlah kita cari langkah yang terbaik untuk membangunkan generasi yang masih muda ini.

Terima kasih atas kesudian untuk membaca artikel ini. Sebarang komentar yang membina amatlah dialu-dialukan.


Rujukan:

Elmore, T. (2014, August 15). How Generation Z Differs from Generation Y. Retrieved January 28, 2017, from https://growingleaders.com/blog/generation-z-differs-generation-y/

William, D. (2016, July 7). Millennials vs Generation Z: What Employers Must Know (Infographic). Retrieved January 28, 2017, from https://smallbiztrends.com/2016/07/millennials-vs-generation-z.html

Merriman, M. (2015). Rise of Gen Z: New Challenge for Retailers (pp. 1-12, Publication). Ernst & Young LLP. Retrieved January 28, 2017, from http://www.ey.com/Publication/vwLUAssets/EY-rise-of-gen-znew-challenge-for-retailers/%24FILE/EY-rise-of-gen-znew-challenge-for-retailers.pdf

Sudrajat, A. (2012, October 5). Generasi Z dan Implikasinya terhadap Pendidikan [Web log post]. Retrieved January 28, 2017, from https://akhmadsudrajat.wordpress.com/2012/10/05/generasi-z-dan-implikasinya-terhadap-pendidikan/

Mahani, S., & N. (2015). Generasi Z: Tenaga Kerja Baru dan Cabarannya. Retrieved January 28, 2017, from http://docs.jpa.gov.my/docs/pelbagai/Artikel/2015/Generasi_Z.pdf


Khalid, K. (2015). Kaji Selidik Generasi Z Di Malaysia. Retrieved January 28, 2017, from http://www.khirkhalid.com/2015/03/kaji-selidik-generasi-z-di-malaysia.html


Penulis boleh dihubungi melalui emel: muhammadadamiium@gmail.com

Tuesday, 17 January 2017

Posted by Muhammad Adam bin Roslan |
The purpose of this short article is not to help the school leavers to evaluate which course is the best for them. Nevertheless, the main intention is to explain the reality that have happened based on my experience and observation and to answer the question that has been raised above. Some university students had argued that to solve the economy problem, only economy students has the authority. Then, the argument will be countered by another arguments. I had also watched a man stated that the accountant always be a problem to the economist.


So is it worthy to have this kind of fight? Do we need to involve to this kind of discussion? My answer is absolutely not because it is really wasting our time. My opinion is simple, everyone has their own role to contribute something to our economy and I believe there is no one single person in this world can know everything in this world. Therefore, we should not join this kind of battle and just focus on our knowledge development. Respect each other. Thank you for reading.

The writer can be contacted through muhammadadamiium@gmail.com

Tuesday, 4 October 2016

Posted by Muhammad Adam bin Roslan |
Kemajuan dalam bidang teknologi bukanlah kayu ukur utama untuk menilai tahap keilmuan rakyat di sesebuah negara walaupun tak dinafikan teknologi itu sangatlah penting. Namun, hakikatnya perkembangan teknologi itu hanyalah dua perkara.
Pertamanya, teknologi merupakan alat untuk memudahkan urusan kehidupan. Manusia tidak boleh hanya terlalu bergantung harap terhadap teknologi demi meneruskan kehidupan. Jika teknologi yang digantung harap itu tidak ada, maka mereka terus gelabah dan tidak tahu nak buat apa. Manusia juga akan menjadi lebih malas.
Keduanya, produk daripada buah fikiran manusia. Manusia berusaha berfikir untuk menghasilkan sesuatu yang baik untuk masyarakat.
Kita akui masyarakat Muslim amat perlahan dalam menghasilkan alat-alat teknologi yang baru dan buah fikiran yang boleh dibanggakan. Jika kita benar-benar buat pemerhatian orang Muslim banyak melakukan perkara di bawah:
1) Membawa masuk produk-produk barat ke dalam negara dan menyatakan itu sesuatu yang 'baru'. Hakikatnya di negara itu perkara yang baru bagi mereka, tetapi di peringkat antarabangsa produk itu sudah lama.
2) "Mengislamkan" produk-produk dan servis sedia ada. Contoh: Pakej Percutian Islamik, Pakaian Islamik dan Kompas Islamik. Selain itu, ada pula yang menggunakan agama untuk melariskan jualan mereka. Cukup sahaja dengan menggunakan ayat-ayat dari Al-Quran dan Hadith untuk membenarkan perbuatan mereka.
3) Banyak mengubah suai produk sedia ada terutamanya makanan seperti pisang cheese (asalnya pisang goreng sahaja) dan konsep Hipster.
4) Banyak menggunakan produk-produk sedia ada sahaja. Tidak ada usaha untuk hasilkan sesuatu yang baru.

Pandangan kecil sahaja.

Penulis boleh dihubungi melalui muhammadadamiium@gmail.com

Sunday, 3 July 2016

Posted by Muhammad Adam bin Roslan |
I still remember in a decade ago, many people from Indonesia had entered the market in Kuala Lumpur by running their small business in the city. On that time, if you walk around the city, you can find many of them sell food and beverages to the community. Until now there are still many of them are existing in the market. However, now there is a new entrant in the market which is the Kelantanese. Their existence has made the market become more competitive.

            Many of them, like Indonesians, have opened their own restaurant until the Kelantan food has become well-known among the people in the city such as ‘Nasi Kerabu’, ‘Colek’ and others. Not only food, some of them also sell other things such as cosmetic products and clothes. Some of them have also been in various places by working with various companies in the city. I have many friends from Kelantan and one of my friend inform me that many Kelantanese have become rich and live outside Kelantan. When it comes to Hari Raya, the place like Kota Bharu will be crowded with Kelantanese from various places and you can see the rich people are everywhere in Kelantan.

This phenomenon has made me wondering on what is the secret recipe to produce so many successful people in Kelantan? What is the factors that have encouraged them to take the risk by travelling from their home to among the busiest city in the world to run their business and have made them successful in various places? Do the state government has cultivated the spirit of doing the business into the people? Do the cultivation process has been made through education?

I have conversations with some of my friends including those who are studying in business field and suggest them to make a study about this topic because I believe they are better than me in that field. On the other hand, I have also suggested an interesting title which was ‘What America Can Learn from Kelantan?’. This is the right time for us to show the power of Kelantan even Kelantan is only a small state compared to America which is a big and powerful country currently. I believe America need to learn the good values from Kelantan so we can change the world to become better. The reason is America is perceived by many people around the world as a country who has caused chaos in this world. Last but not least, I hope this idea can give benefit to the people around the world so we can change this world to become a better place to live.

The writer can be contacted through his email: muhammadadamiium@gmail.com