MFRS 15, MFRS 111 & MFRS 201: Accounting for Construction Contracts and Property Development

HRD Corp Programme Number : 10001559571

If you are looking for Remote Online training on “MFRS 15, MFRS 111 & MFRS 201: Accounting for Construction Contracts and Property Development” programme, please CLICK HERE

INTRODUCTION

MFRS 15 Revenue from Contracts with Customers is an outcome of an ambitious joint project by the IASB and the Financial Accounting Standards Board (FASB) US, to address some revenue recognition issues in practice and around the globe. The standard focusses on contracts with customers and introduces a new revenue recognition principle with practical steps. It is expected to significantly change the way the listed entities recognise and measure revenue.

This programme provides a comprehensive review of MFRS 15 which took effect on 1 January 2018 for public listed entities. It focusses on key reporting principles of MFRS for listed construction firms and property developer.

Seminar Highlights:

  • In-depth exploration of MFRS 15, 111& 201
  • Evaluate the rationales for the issuance of MFRS 15
  • Assess how the MFRS would address the financial reporting issues
  • Assess the impacts of the MFRS
  • Evaluate the basic concepts and principles of this new MFRS
  • Interpret and apply
  • Cased Study-Based training for example:
    • Specific challenges in long-term projects
    • Accounting for variations and claims
    • Impact of regulatory changes on accounting practices

Download Brochure and Registration Form HERE

Training Date :
9th – 10th September 2025 (Hotel Armada Petaling Jaya, Selangor, Malaysia)
13th – 14th November 2025 (Wanfah Centre, Shah Alam, Selangor, Malaysia)

LEARNING OBJECTIVES

At the end of the training, the learning outcomes for participants would likely include:

  • In-depth Understanding of MFRS 15: Participants will be able to evaluate the rationales for its issuance, assess how it addresses financial reporting issues, and understand its impacts. They will also grasp the basic concepts and principles of MFRS 15, including identifying contracts with customers, identifying separate performance obligations, determining and allocating transaction price, and recognizing revenue when performance obligations are satisfied. Furthermore, they will learn about the treatment of contract costs, specific contract types, and presentation and disclosures related to MFRS 15.
  • Proficiency in MFRS 111 (Construction Contracts): Participants will be able to define a construction contract, explain how accounting concepts affect profit recognition on these contracts, and explain acceptable methods for determining the stage of completion. They will also be able to prepare financial statement extracts for construction contracts.
  • Knowledge of MFRS 201 (Property Development Activities): Participants will gain an understanding of what constitutes property development, the basis for allocating common costs to different projects, and how to compute the percentage of completion for revenue and cost recognition in property development.
  • Application and Interpretation Skills: Through case study-based training and group discussions, participants will develop the ability to interpret and apply MFRS 15, MFRS 111, and MFRS 201 to real-world scenarios.
  • Addressing Financial Reporting Issues: The course aims to help participants assess how the MFRS standards would address existing financial reporting issues.
  • Best Practices for Listed Entities: The training specifically focuses on key reporting principles of MFRS for listed construction firms and property developers

WHO SHOULD ATTEND

  • Financial Controllers and Accountants
  • Finance Managers and Financial Statement Preparers
  • Audit Managers and Supervisors
  • Accounts Executive
  • Anyone involved in construction contract or property development activities

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

Day 1: MFRS 15 & MRRS 111: Accounting for Construction Contracts

9:00 AM – 10:30 AM: MFRS 111: Construction contract

    • Define a construction contract
    • Explain how accounting concepts affect the recognition of profit on construction contracts
    • Explain the acceptable methods of determining the stage (%) of completion of a construction contract
    • Prepare financial statement extracts for construction contracts

 10:30 AM – 10:45 AM: Morning Break

10:45 AM – 1:00 PM: MFRS 111: Construction contract (Cont.)

    • Case Studies and Group Discussions on MFRS 111

1:00 PM – 2:00 PM: Lunch Break

2:00 PM – 3:30 PM: MFRS 15: Contract with customers

    • Financial reporting issues associated with revenue recognition
    • Introduction to IFRS 15 Revenue from contracts with customers
    • Identifying contracts with customers
    • Identifying separate performance obligations
    • Determining and allocating the transaction price
    • Recognition of revenue when a performance obligation is satisfied
    • Current challenges and emerging issues in the construction and property development industries that affect accounting practices.

3:30 PM – 3:45 PM: Afternoon Break

3:45 PM – 5:00 PM: Case Studies and Group Discussions on MFRS 15

 

Day 2: MFRS 15 & MFRS 201 Property Development Activities

9:00 AM – 10:45 AM: MFRS 15: Contract with customers (Cont.)

    • Treatment of contract costs
    • Some specific contracts with customers
    • Presentation and disclosures
    • Project management software and construction contract

10:45 AM – 11:00 AM: Morning Break

11:00 AM – 1:00 PM: MFRS 15: Contract with customers (Cont.)

  • Case Studies and Group Discussions on MFRS 15

1:00 PM – 2:00 PM: Lunch Break

2:00 PM – 3:30 PM: MFRS 201 Property Development Activities

    • Explain what property development is
    • Explain the basis of allocation of common costs to different projects
    • Compute the percentage of completion in recognition of revenue and costs

3:30 PM – 3:45 PM: Afternoon Break

3:45 PM – 5:00 PM: Comprehensive Case Study on Property Development Activities and Q &A

DOWNLOAD THE COURSE CONTENT IN PDF FORMAT FROM HERE

FACILITATOR

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, Taylor’s 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.

Click Here to Download Dr. Ooi Chee Keong Profile

Course Fees & Registration

FEE PAYABLE PER PARTICIPANT :

Normal Price                                          : RM2,518

Early Bird (15 days before event)       : RM2,298

Group Fee (>2 participants)                : RM2,078

Fee includes course materials, lunch, 2 tea breaks per day and Certificate of Attendance (upon completion of the training).

Download Registration Form from HERE and sent it to us by

Email : sales@wanfahprosper.com

WhatsApp : +60162634929 / +601159403399

CANCELLATION / TRANSFER

Upon registering, participant(s) are considered successfully enrolled in the event.  Written cancellations / transfer notice (substitution or to later dates) received :

  • More than ten (10) working days before the event, a refund (less administrative charge of 15%) will be made.
  • Ten (10) working days or less before the event, no refund will be made.
  • For no show on the day of the event, full payment is required. If you cannot attend the event, you can nominate a substitute at any time without payment of an administration fee.
  • A full (100%) refund may be granted if the course is cancelled by Wanfah Prosper PLT (WFP). WFP reserves the right to postpone or cancel the event and / or change facilitator at any time should circumstances beyond its control arises. WFP also reserve the right to make alternative arrangements without prior notice should it be necessary to do so.

Payment :

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

Accounts Number : 3812930508

Bank : Public Islamic Bank Berhad

DATA PROTECTION

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