Financial System Upgrade for Enhanced Transaction Handling and Compliance

A large federal agency is changing its financial accounting system to handle more transactions and meet the new MPSAS requirements, which have different reporting concepts. The current system is also limited in its ability to expand and integrate with mobile applications.

Curious for more? Get in touch with us today!

More case studies

The Governance Board of a federal government agency tasked its management to produce their complete set of financial statements using a new set of accounting standards i.e. the Malaysian Public Sector Accounting Standards (“MPSAS”). Previously, the agency was using the Malaysian Financial Accounting Standards (“MFRS”).

2 Fortune 500 companies formed a joint venture for producing petroleum products. The production complex uses shared IT system. The IT system is based on the main system of one the JV partner and the cost is meant to be split equitably.

A state government agency (“the State Agency”) was considering to wind up one of its subsidiaries (“Subsidiary A”).

The restructuring was required as the present structure is seen to hinder the performance of its main profit-making subsidiary. Nevertheless, the Board of the State Agency must maintain effective control and at the same time, enabling the management to be incentivised more effectively.

Due to the change in accounting standards from FRS to MFRS, a federal government agency had to remeasure and record its agricultural assets. The newly adopted standard i.e. the MFRS 141 -Agriculture, requires for plantation trees to be captured as part of Property, Plant and Equipment.

A large federal government agency wanted to change its financial accounting system as the Agency is expecting to handle bigger volume of transactions, and the newly adopted accounting standards i.e. MPSAS requires necessary changes particularly due to certain reporting concept differences. The present system was also restrictive in terms of expansion especially integration with mobile application.

A client with many leases (for premises) nationwide requires a solution for automating the measurement of rights-of-use assets and the corresponding lease liabilities.

An agency, facing challenges with changing personnel affecting technical knowledge and internal organization, required comprehensive work manuals for specific areas, particularly accounting treatments