I I .t~---------.. - seafdec.org.my · Section 19 (1) The Miniater may, after consultation with the...
Transcript of I I .t~---------.. - seafdec.org.my · Section 19 (1) The Miniater may, after consultation with the...
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FtNANC~~~ MANAGEMENT AT FIRM: ii' '.I '
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By: I I
Ismail B. M'aidinForest Research Insitute MalaYsi~Kepong, Selangor Darul Ehsan
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By:Ismail B. MaidinForest Research Insitute MalaysiaKeoong. Selangor Darul Ehsar
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..._-- DIUC'I'Wl GDDAL OF F1UK
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* INTtlNATIONAL ACCOUNTING STANDARD- US
, ,recQlved !roa oth r aoure •• including• t .:,.
feel for odvlc or uervlcQI rendor81pe~8uant'\,' 1'\' l ,
to SectloQ 22, or feeD or" r'01~1ties:I'C;har8ed\' I "t" >
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p~uulAntto aubucttOD (2) 'or .etion,23.'"
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"\\;I;~ t' .J~l'~'~~.~.'."~: t ' l'...•
, ,.of purchas lag
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to repay monies borrowed by the Board under
aectioo 16; and
g) to meet any other xpensea which the Board
The &ard may, upon tho approval of the Minhter
given with the concurrence of the Minilter of
Finane , borrow mooi 0 for tho purpo8. of
Gxercising ito function ••
The! Board may, upon the approval of the Hinh ter
given with the concurrenCQ of the Hini8t~r of
Finance, lnveat the Fund or any part therClof, not
bGlng immediAtely roquired
oblign tions or exercising its
investment or securities for
for meeting ita
functions, 10 aoy
the time being
authorized for the inV8.tment of trust fundI under
any written law.
The Board shall be exelllp ted froID any. paylun t
rela Ung to PJtAmp du ty iClpooed under eny \1ri ttltO
law.
Section 19 (1) The Miniater may, after consultation with the
Board and with the concurrence of the Minlcter of
fln~nce, mnke order3 for the imposition, variation
or cancellation of a research cess on all or any
(orest produce; nnd the orders ~ay specify the
nature, the amount and rate snd the manner of the
collection of th~ cess.
(2) Every such order sholl be publishQd In the
Gazette.
(3) Except 88 U1ay be otherwiBo provided in any sllch
order, such CQflS l!Ihall be d0emod for th purpole
of collecting snd enforcing the collection thereof
to be a cU9toBa duty imposed under the CU8toms Act
The Statutory Bodies (Accountn and Annual Reports)
Act 1980 'hall apply in respect of the i\CCountl,
audit and annual reports of thQ Bourd.
Ther are six (6) cost centre involved in the Operating accountnamely :-l. Dasar dan Pengurusan 01
2. Administration and Finance 02I
3. Economy Bnd Technical Suppor t 0)
4. Forestry and Environmental Science 04I
5. Fores try Products 05
6. Chemistry 06
D~velopm~nt Grant8 For InfrQstructure
and Facilitieo
* Grants for Research And Development
+ Agriculture
.~ S tra tegic
+ Indus try
There are seventeen (17) Projects (including sub-projects)involved in the Development account namely :
1. Bud t K1a r-a2. Infrastructure and Facilities3. Science Park4. Traning. Printing & Technical SupportS. Small-Scale Industries6. Agriculture
i) Management & Sivilculture ofNatural Forest
ii) Management & Sivilculture ofPlantation Forest
il!.) Fares t Biology. COllserva tiOiland Protec tion
P 050000P 060100P 060200P 060300P 090100
1. Strategic1) Plant Genetic Resources
11). Forest EnvironmentPS 00201PS 00202
8. Industries1) Rubberwood
ii) Non Wood Forest Productsiii) Timber for Cconstruction
iv) Timber Utilizationv) Wood Waste Utilization
vi) Chemical Processingvii) Wood Composite
PI 00301PI 00302PI 00303P1 00304PI 00305PI 00306PI 00307
Ledger Structure Code for each Development Expenses are asfollow
There are :hl~·ty-t·~o ()2) Trust Project involved in th~ TrustAccoun t GlHllCly :
I. Ra t Lnn lntu [mil L iun Cell te.t"2. Rattan Tiasus Culture3. Palmwood Utilization4. Uamooo (Malaysia)S. Pasoh Malo rroJ~ct6. Pasoh ContrucL 213.164.47. Pasoh Contract 217.651.58. Pasoh ConLroct 217.652.59. Pesoh Contra~~ ~43.027.610. Pa.oh Contract 2~3.170.611. rnsoh Sub Contract 247.666.612. 10:;1tu COll1;crvatioll of Forest
Genetic Rc~ources13. Remo ta Sc Ii S I I:g
14. Co stal Hes' .1(eL ti~t.l'roJect;5. FuelwooJ/llJ "stry R f.. [) Project16. \-lood 835". :'.\1 el I'rodlJc t17. Pasoh Rcse:\{ (Ii !'ubora tory18. Pasoh Petty Cash19. Bamboo Project.20. Utillzatioll of Oilpalm Trunks21. Slvllcultucc of Rattan22. Strenljthten tng FRIH23. Rll ttan Tissue CuI ture 1124. Journal of Tropical Forest Science:~. Tree and Hycorrhiza26. T11sue Culture of Forest Species27. Hulti rurpo~e Tree Species28. Selangor Tuurist Week29. Course Organ lsed by FRHI-HTID30. Unesco Spollsor Workfihops31. Growth 6 Yield Seminar32. Training Course on Forestry Research
t-laoagemen t
A-OlA-02A-03A-04A-OSA-06
/\-08A-09A-I0A-11
A-12A-13A-14A-15A-16A-17A-18A-19A-20A-21A-22A-23A-24A-51A-52A-53A-Sl\A-55A-56A-57
L <l,er Structure Code (or each Trust Expenses Qr8 88 lollows:
+ Investment
+ Cash Disbursement Budget
+ Cash Flow
•• Aset Management0(( Stores Management
'* Accounting
'* Credit Msnogem~nt
•• Budgeting
•• Budgetary Control1: Financial Control
'* IAS
•• Financial Management Cycle
IAS 9 - ~CCOUNTING FOR
I
• Review And Analysis - Indicates ActionI
1100012000130001400015000
2100022000230002/10002500026000270002800029000
FOREST RESEARCH INSTITUTE OF ~li\Li\YSIAOPERATING GRANT
SalariesFixed AllowancesAdditional Labour CostOvertimeM iscell 3neOllS
Travelling and TransportTransport of GoodsCommunicationsUtili tiesRentalPrintingSupply of Goods~Iaintenance and ServicesProfessional Fee
4100042000
Pens lon/Gran tCar Loan
1986$
4,390,000340,000200,000
64,0006,000
230,00020,00070,000
440,00010,00025,000
245,000250,000150,000
400,000150,000
1CJ87$
5, /100 , 000596 ,000490,000
60,00010,000
1988$
5,400,000630,000354,200
86,00020,000
400,00010,000
100,000350,000
15,000:3 5 , n()[\
JOO,()OO2')0,0002UO,OOO
300,00035,000
550,00012,000
°200,00025'),00027(',000280,000
1;30,000200,000
459,600150,000
'[ .•. I' ~' ,?• 1
.M~ 00:500 !(fJ~) ,
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i."f.. 006f)O,(Q~~\ ".. .I;'" II
i) C()l1tl\ll~t\()l1 !,.;Ink ft"~ t!li'
/Iud 1 to r i \1111 llnd COli f • (('[h'P
it) COl1tnlct!on \;0rk [u'" the1'1n n t n t ion Fn r l' ~ t il \~d Ililt it II
l~nsYHr:1knt JIll! IGingli i) [(c n 0 v II ti. 0 n ~; 0 f t h: II If:1~,'1l:~.
Block IlTld l.il>rn:'yIv) COllstruction \ra!,,\< ;;')t:' 'il,.·
Con{[ol rOtle, .l~ I\lit-.l: I,
v) I~': \J 1 r i " l : utI. ([ 1 (' (\ 1 \ ~ I I ~~I j IT
l) tl Ii [ t c [ ~,'!l\ Afldit!O'lil! .,,;'(11;'\""
[ C l' j'i· Irl !! !', ' (' 11 r ( \, ,t,!,
(n) [';\S,li" ""t',': - I .(i» r·!/tt'1 i\i~ ~ :11\~'i1"
. ; \) I e~:C r I :1 (' 1 i q ~ /) r H \)l~ il .
v \ 1 l) \:(,ill: 1 n:~1'\1 i\.!dlr.l"Il<tl i,llenS!l" II'
o[ Ih.· Clln,!·,t1'i r,l(),i,,\ { :() 'It [l, <: t l () 1\ '" I: k r {' II I
(,erml.nn:.tc;n ! Ii);
xl) ~Iolo[ Vl'ldclPG \JorkshojJxii) FRHI's ()lJl1rter~l
xiii) ForesL ['[o'\lle\. \,\,:-!r.s'lr,\,xiv) !ZenOVill.;fJl) (If th:~ r i )l:~_ l c,r;
xv) lZ(~[IOv,lt 10il of d,e I I ,;y l' I
I\vi) Security 11:,,]·xvii) Ut_I1 \ UeL
I X'J 1i i) I{c n 0 v nth,:; {)( ()J d :,U 1 ::: ~\) r t;
I x ix) V c h .i. cl c ~;
II
SC 1 EUCE P hiZK
T1UI!~'nN(;, rlU1HJNG M;!' T!::r.: !N', SU I' ,-,'i'~', •. 1 ,J.\ 1
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30 f [,\;01JLI,('70: ()~ , E) /;
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PROJECT CODE PROJECT/SUB-PROJECT SUB-PROJECTCOST
AGRICULTURE.i) Management and Silviculture Na
Fares tii) Management and Silviculture Pl
Fares t.iii) Forest Biology, Conservation,
STRATEGICi) Plant Genetic Resoures
ii) Forest Environment
INDUSTRIESi) Wood Waste Utilization
ii) Chemical Processingiii) Wood Composite
Iv) Rubberwoodv) Non Wood Forest Products
vi) Timber for Constructionvil) Timber Util tza tioll
I 277 ,0001--------------
153,000400,000
368,000691.,000334,000464,000352,000254,000554,000
ALLOCATION1988
INTERNATIONAL ACCOUNTI~3STA DARD 9
CCOU TING FOR RESEARCH ANDDEVELOPMENT ACTIVITIES
The statuS of intornational Accounting Standards is set out in the INTRO-OUCTION TO STATEMENTS OF INTERNATIONAL ACCOUNTING STANDARDS.TM Interf'lational Accounting Standard which follows is for application to theputlished financial statements of commercial, industrial and business enterprisesill Malaysia and of overseas subsidiaries and associated companies where th,,":n"\Cial statements are to be incorporated in consolidated financial statementsin Malavsia.
1. This Stotomcnt deab with .:lccountirlrJ for research ard developmentIK1Mttes
(a) resc,lrch and devela;;ment ac.tivities conducted far others undera contract
(c) research ilnd development ilctivitles of dove!opment stago pnter-priscs.
Rf,e~,,~is original nnd planned investl\llltion undertaken with tho hope of gainingMW scientific or tor;tlnlcal knowledoo ilnd undcrstandina.
• "'~ $0( .~r\'"t'~'r\ ..Df'l'fo(lm~nl IS tho translatloti or resoarch flndlnqs or other knowlodge Into a~ Of design for thu prodUCtion of new or sUbstilntinllr: improved rraleri<\Ls,
'., wduet$, )rocesses, s stems or sorvlces pflor to t 10 cornmencoment of~r'ltl pro uellon.
Explanation4. An enterprise undertakes II progr(lrT'me of creative work to incr~:l<je the~O!k of its scientific and technical knowledge and to devise new applicatIOnsw 1(: w,fI contribute to the maintenance of its business and its cOfT1petit:vef)O"t,co. Tho accounting treatment and disclosure of the costs of research andd.-..t>!copmcnt octivities are therefore important for users of f.nnncial stiltemenl3
5 lhere c<:In be practical difficulties in deciding the amO~lf1ts of the cost!!sr,C'(Ifl(:/llly Ilttriblltilblo to rose,1rch and development nctivl(ies. In ardor to&threvo a re,lSOf1;Jhlo degree of coo1parabili(y between enterprises, aod betweenaccounting periods of the same enterprise, it is necessary to identdy tho olementscompming research and devolopment costs.
6. The costs incurrod for research and dev~J.QQ.ment aC!lvitifLiD.~ thefollowing:
td) /I rOJsonllblo allocation 01 overhead costs. This allocation is modeon bases similar to those used in allocating overhead costs to in-ventories (see International Accounting Standard 2, Valuationand Presentation of Inventories in tho Context of the HlstonealCost System)
1. Costs incurred to maintain production or to promote sales of existing@!9dt~-" 1110 cxcludetl from tllo co~ts of r()!:.cnrcll (ll1d dcvolopmont ficiiVii7os.Th'Ur."iiio r.o:;ts of mUlino or (l0riodlr. minor f110d,f'C<lIIOns to eXI:;linaaIHOr1uCU.
!' 1""""""'--·· • --£"odurllOIl line:;. In<lnlJ <lclUrl;1\.J procosscs J11( O\l1cr 0l100lnn apel:lII00l3 llq wellas lOullno nr promoliollil! cost'; of markot rose;:Jrcll ilctivitles iJrc cxcludf'd
~~~.L ••.t.Al V"J.~ ~~-8. However, milrkct rcse;)rr:h nctivilies undrrtJ\..en prior to the commrnr:c-mant of commorcliiT production to CSt,lG'I~!' d)"ollselviness 01 a woduclOftfioexl~tCIlCC or n potcntl;)1 m.lrh·t ilrp Slrnd,lr 10 dcv.,IoCIT.:cnt "c~cs In''W~case's, the rclilted costs arc sornCllll1CS trcjle(G~ sJrn~;;y as developmentcosts ilnd nre written off or deferred b"scd on the 5iJ:110conSiderations.
9. Tho aJl.Qj;iJtiQn of !hc~ts of rCSC<lrcll and development actiVities torecounting pC/lads is determined by their relntion:,hlp to thn oxper.ted tu~ty~~I,t~ to be derived Ir m h ~"i1Cllvitlcs. In most cases there is little, if any .
•rfCt '01\llon5 Ip etween tho ilmount of current research end developmontcosts .nd futuro benofits becauso the "mount of such bonofits, and the porlodsOWl which thoy will bo rocoivcd. ara usually too uncor\a0. 8.9lil.QlctlJlmldevo1op-·r.onl costs or~. thoroforo usually chargod to expenso in the period in which the'{£t inC':lIod. .
~l •
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. I10 If It ('<JIII,,! d"<i;flll~lrdlcd, hO'•...L·Vt;r. 'I,.d tho pruduct orl!!.:'c:e~, IS Iccl,r~Dill! r0!1Hnerc:i\l11 (1;,1::,(.1(· dlld tl,,'1 11\,;eI1llirpll:,u ".l~ ddcquute r('sources lu elliJl5rotIC IJIU ue or prUCCss to he 1l1;)1"(;~l.C1. II,,; uncertdl\!le;" referred tu In parilIJriljlh9 rnay UO slgndlCJntiy rel!,JCl;d III "IJch CHl.UJ1,:>tilr"·USLII _m,'y bc' appropr.latotfL(.l.olor tll.(j_s:..0~.!~J:!-'.~!.'O..'-:~JOflr~lcl~t;tCII'/IIIOS to futuro PUIiOrlS. Dovolo!1monl costsprovlOu:.ly wrl\lcn off ;lIe Iwl ItJiI1S1.l1t:,jI)(:C,J1150 tht;y wele Incllrrud ut D tll1\O whuntl\o technlc,,1 ollt! (UI\\l1,1:1'.I,,1 !c;I'.llJilily of tllU PIOIL'CIWd;, too uncortaln to ostablishII rulollunslllp With lullllt' l'"nellb um! thuy worn thuroluro propor \.horou~ to thosopast periods. I
", J?,g~cd dc~e'~~n2.c..r:!l_c.9sJ..~_are.am0l'sc.d on..a sY~1omatic basi~, eithorby roferonco to tho salO or use of tl10 product or rrOCl'S5 or by reforonce to 0 rcnson·ablo limo period. Techno1oglcul and economic obsolesconco crOiJ!OSun':ertDintic~thilt rostrlct tho nun.bllr of IInits <:Ind thu tlmu pe:lod ovor which doferred costsoro to ho umurtlwL!
, 2. The accountiniJ poliCY adolJted for the costs of reseorch Qnd dov("opmentactivities is included in tho stiltoment of accounting policies (see Interne:' ,.nalAccounting Standard 1. Disclosuro of Accounting Policies). When lJDPlicab1e,inform<ltioll about arnortlsaliOfl pructiccs is ik.o reqUirod (seo Intern.1tlonlSl Account·ing Standard 5. Informntlon to be Dlsclosod 111 hnnnClal Statoments).
13. Tho disclosuro of (n) rescarch and rlcvolopmont costs. including thomortjsation of dolerrd duvelopment custs, charood as an exponse of each pOrlod.
cnd (b) tho unamortl!;cd balJnco. If any. of deferred development costs, enablesthe users of financinl stiltements to considor tho significance of such actlvitio5in rolation to thosa of othor entorprises as well 8S to tho other activities of theonterpriso itlelf.
14. Furthor, informotion which might usefllily bo providfld could Include ageneral doscription of tho project, tho stago which tho project hJS renchod, andthe estirnJtcd futuro costs to complotc It.
International Accounting Standard 9
Accounting for Research andDevelopment Activities
International Accounting Stond;;Jfd 9 comprises paragraphs 15-25of this Statt'ment. TIle StandJrd should be read in the context ofparagraphs i -i401 this Statement and 01 the Prelace to Statements01 Internatiof1ol Accounting StJndards.
lB. Research nnd dovelopmont coats should include:•.•.. F c*
the aal8rios, wagolJ and othor related costa of sa'P9nntJonoogod in r08eorch ond dovolopment octivltloa
tho costa of mote rials And norviCQ' CQntlumed In res.archnnd dovelopment octivitiea
~.
t
I; (d) ovorhand costs rolated to 'resoarch nnd dOYolopmontf Gctivitius
t (0) other cost!! rdatod to research nnd development nctivitios,~ such IlS tho nlllortisatign of pn!!l!.1t!l pns! liGoocgs.
~1G. Tho amount of tho rescoreh nnd dovelopment costs d05criuodi ••.•paragraph 15 ~houtd ho ch:lrgcd fiS nn oxpCn5t! of thft pr,riQs! in which~ \ilo'L!'cO incurrod oxcept to the elltollt thnt dllvo.!!~pmont costs nr? do ..l ~od in ftccor(Jnnco with pnrfluraph j7. 1/'---
t 17. DoYolopment co~t~ of n project m:Jy be deferrod to futuro poriodsIf .11 tho following critorin oro sntisfiod: . -- at - - '
I I(11) tho product or procqss ;;'1 c1Qnrll'....1t~fil)"d nnd tho CQ~t~~ attributable to tho product or procoss !Mon bq g!lu~nrntoi'y! identifiod; ,
tho ~chnicnl fe;)sihility of tho product or procoss h3 beondemonstratod;
C1'l"r ~",~"bq"tho mnnngomcnt of the onterprise has indicated itl! intont1.2.':1tu,roduco and mnrket, or use, tho product or proco5s;
thero is n cloar indic:ltion of n future mnrkot for tho productor procoss or, if it is 30 ho ll!>ed intorn:llry;:"ather thon sold,It:! unpfulncs5 to the enterpriso con bo domonstrntod; llnd
,(.1\(/ ••.,. •• <~."""'I - ••.•4t"f. ,...,....., -...-ic~, ,,,,,,,,,,,...elf.ndQfl\lntQ rn~Ollrco"l flK;f.t or 'n..-o ronsonnhlv Cllpcctlld tobo DvnlJoble. to f:omplot9 t~o projoct and mndtOt tho produc:tOf procoss.
1. The doferrnl of development costs of n project under t e CrlfC'. ill
In paragraph 1-; ~hQuld tw limited to tht: nmout1t thnt. tnku!l togetherwith further development <;ost~. related pro (T\lct'iOii'Co "to;. nnd scl'inqand administr.1tivo C05tS directly incurred in In<ld<cting tho product,£!!' roasonably ho.el:pccted to bo recovered (rom relilted future rovonuos.
19. If an nccounting po:icy of deferral of developmont C05t!> isadopted, it should be npplicd to all development projects that meet thoeriterin in parograph 17.
20. If dovelopment costs of n project Me deferrod, they should bocUOCQtclJ 011 n 6Ystoll1ntie 1>;,.;;0; to futun) :1ccolrn3irJ!] pnriod, by rd~oeither to tho snlo or U50 of the product or proce3S or to tho timo periodoYtM' w~l¢h tho product or process is oxpectod to ho sold or usod.
fl. Tho doforrod dovolopment costs of n project ~h9uld bQ roviowodfi:.tha..Ind 91 gach QCCSHmtinq porio!,,!. Whon tho crltoriPl of pnrngropfi
, \tU~f-;:;t\ proviously justified tho uefonal of tho costs, no longer npply,Oro tlnnmortisod balanco should bo chnrgod os an oJ(ponso immodintoly.
n the critorill for defennl continuo to be met but tho amount of