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Sustainability Reporting Service
 Article

 



Sustainability: Why does it matter?



The dynamism of business environment has resulted in challenges along social, environmental, ethical, and economic atmospheres. Specifically, World Economic Forum reported in 2016 that about 60% of global risks profile of major business organisations emanated from environmental and societal issues such as energy prices and availability, supply chain reach and resilience, regulation, and public sentiment.



 



No immunity



 



No business organization is immune to these systemic challenges and societal responses. Changing these threats to opportunities is possible through sustainability reporting as this would ensure the continual improvement of business operations that guarantee long-term resource availability through environmental, socially sensitive, and transparent performance.



Sustainability is about developing solid, all-inclusive growth based on a foundation of economic, social, and environmental commitment




  • Social (e.g. religious and ethnic diversity, community, employee rights)

  • Economic (e.g. shareholder and stakeholder value, corporate governance)

  • Environmental (e.g. emissions, water, energy)



"Development that meets the needs of the present without compromising the ability of future generations to meet their own needs."



 



Sustainability service offerings



 



At SALIHIN, we aspire to leverage our deep expertise in sustainability reporting to bring significant insights that are most valuable to your business.



 



Our competences and capabilities



 



Expertise and thought leadership




  • Our Sustainability practitioners are recognised expertise in the industry with requisite experience in assurance, reporting, carbon, energy management, risk, supply chain, and strategy.



 



External engagement and collaboration




  • SALIHIN demonstrate her commitment to Sustainability through active participation in various initiatives with various national regulatory authorities and professional association like Bursa Malaysia Securities, MIA, MAFA, ACCA, and CPA Australia.



 



Credentials




  • SALIHIN has extensive technical expertise and experience in both Advisory and Assurance delivering engagements across our portfolio of Sustainability offerings.



 



Inter-functional synergies




  • SALIHIN has dynamic model that enables leveraging of synergies across our functions of risk advisory services, tax, audit, IT consulting, Sharia and financial advisory services to bring most value to clients



 



Tools and methodologies




  • SALIHIN possesses dynamic set of methodologies and tools that are deployed to deliver successful outcomes on client projects.



 



Speak To Us Today!



 



 

Integrated Reporting Services
 Article

 



The economy is facing a new value paradigm. These changes, however, are not reflected in the way we measure or report value. Traditional corporate reporting models have failed to adapt to an uncertain economy and account for the increase in intangible assets. Traditional metrics for measuring value and economic progress no longer provide a complete picture.





Responding to these challenges, through integrated reporting (IR) in which financial statements serve as concise communication about how an organization’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value over the short, medium and long term, become paramount.





An integrated report benefits all stakeholders interested in an organization’s ability to create value over time, including employees, customers, suppliers, business partners, local communities, legislators, regulators and policy-makers.



 



So, where do you begin?



 



To begin with companies need to generate relevant and reliable financial and non-financial information with an objective way of measuring their progress towards more integrated reporting and integrate the business activities with value creation processes.



 



Important questions...




  • Would I invest in my company or choose to work for it based on what is presented externally?

  • Is the market value of my company a fair reflection of the business?

  • Are we telling a consistent story to all of our stakeholders? 



 



How can SALIHIN be of help?



As Malaysian firms have been slow to adopt integrated reporting, Salihin consulting aspires to leverage our great expertise in integrated reporting to bring significant insights that are most valuable to your business.



 



Services offering



Our specialists can help you at each step of your integrated reporting journey. Specifically, we can service in all the six areas of integrated as follows:













































 



Organisational overview and the external environment


 

  • Establish vision, strategy and goals as per integrated reporting

  • Design systematic framework to assist in identifying your major stakeholders

  • Engage with your internal and external stakeholders to highlight what they want and identify current gaps Service offerings

  • Facilitate workshop for stakeholder engagement process



 



Opportunities and risks


 

  • Set up reporting framework to identify risks and opportunities

  • Advise on enterprise risk management 

  • Process and risk mapping facilitation



 



Strategy and resource allocation


 

  • Measuring your total impact along your value chain to identify risks and demonstrate contribution across economic, social and environmental dimensions



 



Business model


 

  • Establish a comprehensive business value chain 

  • Set up system to measure, value and track performance targets

  • Design your internal and external integrated reporting



 



Governance


 

  • Assistance with designing and development of combined assurance Approach

  • Internal Audit based control reviews



 



Future outlook


 

  • Develop a blueprint for the future, reflecting risks and opportunities across the value chain

  • Assurance on process and assumptions leading to forward looking statements


     

Our competences and capabilities



 



Expertise and thought leadership




  • Our practitioners are recognised expertise in the industry with requisite experience in financial and non-financial reporting skill in areas such as financial capital, human capital, social capital, intellectual capital.



 



External engagement and collaboration 




  • SALIHIN demonstrate her commitment to integrating reporting through active participation in various initiatives with various national regulatory authorities and professional association like Bursa Malaysia Securities, MIA, MAFA, ACCA, and CPA Australia. 



 



Credentials 




  • SALIHIN has extensive technical expertise and experience in both Advisory and Assurance delivering engagements across our portfolio of integrated reporting offerings. 



 



Inter-functional synergies 




  • SALIHIN has dynamic model that enables leveraging of synergies across our functions of risk advisory services, tax, audit, IT consulting, Sharia and financial advisory services to bring most value to clients.



 



Tools and methodologies 




  • SALIHIN possesses dynamic set of methodologies and tools that are deployed to deliver successful outcomes on client projects. 




 



Speak to us today



 

Sustainability Reporting: A Snap look!
 Article

 














 



The sphere of economy has been characterised by capitalism where the soul aim of business is“business”.



The feature of this phase of economy as be the of use of labour has machinery, little or no consideration for immediate environment as business believe that the only responsibility it has is to pay taxes and government is responsible with the “rest”.  Hence, the financial reports are prepared based on a set of guidelines and rules (GAAP) to showcase the financial performance and return to the owners.



 























Growing by the understanding that corporate organisations are responsible to wide range of stakeholders, especially the general public, the concept of sustainability was coined.  As defined by the World Commission on Environment and Development (1992), it is “a development that meets the needs of the present without compromising the ability of future generations to meet their own needs."  In essence sustainable development is about five key principles: quality of life; fairness and equity; participation and partnership; care for our environment and respect for ecological constraints - recognising there are 'environmental limits'; and thought for the future and the precautionary principle".


   
Sustainability was basically built on three pillars namely economic, social and environments.
   


 



 



 



 



 



 



 



 



 



 



 



 



 



 



 


















Environmental Sustainability

Ecological integrity is maintained, all of earth’s environmental systems are kept in balance while natural resources within them are consumed by humans at a rate where they are able to replenish themselves.



 


Economic Sustainability

Human communities across the globe are able to maintain their independence and have access to the resources that they require, financial and other, to meet their needs. Economic systems are intact and activities are available to everyone, such as secure sources of livelihood.
   























Universal human rights and basic necessities are attainable by all people, who have access to enough resources in order to keep their families and communities healthy and secure. Healthy communities have just leaders who ensure personal, labour and cultural rights are respected and all people are protected from discrimination. The concept was well accepted by the organisations from global north and south, especially the ethical once. It cut across all the disciplines such as engineering, economic, finance, human resource, and accounting
     

We cannot just add sustainable development to our current list of things to do but must learn to integrate the concepts into everything that we do." [i]


     


































From accounting point of view, the incorporation of sustainable effort of corporate entities in the financial statements is the main concern. In order to achieve this, a new format of account, sustainability report, was developed. A sustainability report is a report published by a company or organization about the economic, environmental and social impacts caused by its everyday activities. A sustainability report also presents the organization's values and governance model, and demonstrates the link between its strategy and its commitment to a sustainable global economy.
   
Sustainability reporting is a systematic presentation of financial and non-financial data in order to compare the present with past and progress concerning the predetermined yardsticks. While financial information is majorly drawn on the firm’s financial accounting system in line the enabling financial reporting standards and framework, non-financial information means that it is not presented in monetary terms and is not based on an accounting standard. Though, non-financial information can be both quantitative, such as tons (or units) of greenhouse gas, or qualitative, such as governance processes, the reputation of an organization or the organization’s impact on the state of biodiversity.
   
“The importance of sustainability now goes far beyond environmental issues, as the need to behave responsibly becomes a key aspect of strategy and operations.” [ii]
   
As a result, for sustainability to be measurable and reportable, performance indicators need to be developed and consistently adhered to by the respected organisations.  For sustainability reporting to be meaningful, it needs to be connected to the strategy of an organization.  Therefore, the indicators need to be relevant for the organization. Few of the important elements of sustainability reporting compared with financial reporting are presented in Table 1
   















































                      Table 1: Differences between sustainability reporting and financial reporting



 


  Financial reporting viewpoint Sustainability reporting viewpoint
Time-scale Backward looking Forward looking
Basic Accounting Standards No Standard
Focus Issues that organization directly controls Wider sustainability impacts
Economic View Material Non-tangible
Data Financial Non-financial
Materiality Financial importance All relevant information to readers
Users Shareholders and investors Known and unknown Stakeholders


 



Sustainability reporting has taken many different forms. There are stand-alone reports that can be published annually or biannually. Alternatively, sustainability reporting can happen via a suite of reports that are also published online. Although currently it is most common for organizations to publish environmental or social information in separate reports, there are also approaches that combine them with the annual financial report . Sustainability reporting can be considered as synonymous with other terms for non-financial reporting; triple bottom line reporting, corporate social responsibility (CSR) reporting, and more. It is also an intrinsic element of integrated reporting; a more recent development that combines the analysis of financial and non-financial performance.



 



Significance of Sustainability Reporting



There are benefits corporate organisation would have by practising sustainability reporting. These are not limited to the following:





Financial performance





The advocators of sustainability reporting contended that disclosure offers reporting companies a wide spectrum of intangible benefits, such as employee loyalty and consumer reputation which could improve the financial performance of firms directly or indirectly.





Building trust 





Transparency about non-financial performance can help to reduce reputational risks, open up dialogue with stakeholders such as customers, communities and investors, and demonstrate leadership, openness and accountability. 





Improved processes and systems 





Internal management and decision-making processes can be examined and improved, leading to cost reductions by measuring and monitoring such issues as energy consumption, materials use, and waste. 





Progressing vision and strategy 





Comprehensive analysis of strengths and weaknesses, and the engagement with stakeholders that is necessary for sustainability reporting, can lead to more robust and wide-ranging organizational visions and strategies. Importantly, companies can make sustainability an integral part of their strategies. 





Reducing compliance costs





Measuring sustainability performance can help companies to meet regulatory requirements effectively, avoid costly breaches, and gather necessary data in a more efficient and cost-effective way. 





Competitive advantage 





Companies seen as leaders and innovators can be in a stronger bargaining position when it comes to attracting investment, initiating new activities, entering new markets, and negotiating contracts.



 



 



________________________________________________________________________________________



[i] Bruntland Report for the World Commission on Environment and Development (1992)



[ii] The Dorset Education for Sustainability Network



[iii] PWC



[iv] Eccles & Krzus (2010).

Financial Reporting Standards Services
 Article

 



The globalisation of capital markets and quest for improved foreign direct investments have enhanced harmonisation of financial reporting standards across the world. Hence, on 1 August 2008, the FRF and MASB announced their plan to bring Malaysia to full convergence with International Financial Reporting Standards (IFRSs) by 1 January 2012 as the changeover from Financial Reporting Standards (FRSs) to Malaysian Financial Reporting Standards (MFRSs), equivalent to IFRSs will help place Malaysian businesses on a level playing field with its international counterparts.



The challenge is to keep updated with the changes and new standards that are being released on a regular basis as successful MFRS compliance requires efficient systems and hands-on advisory.  Responding to these challenges will take productive time and efforts to be utilised in your core business activities.



 



How can SALIHIN be of help?



 



SALIHIN's dedicated professionals leverage on years of experience of IFRSs to provide standardized reporting services, as well as the industry’s highest levels of insight and technical knowledge.



 



Services offering



 



Our IFRS specialists can assist you navigate the complexity of the Standards so you can focus your time and effort on running your business. SALIHIN provides services in the following areas:





  • Reporting and Compliance




  • Designing financial reporting system based on MFRSs




  • Advising on accounting polices based on MFRSs framework




  • Conducting staff training on MFRSs at your convenience





 



Our competences and capabilities



 



Expertise and thought leadership





  • Our practitioners are recognised expertise in the industry with requisite experience in financial and non-financial reporting skill in areas such as financial capital, human capital, social capital, intellectual capital.





 



External engagement and collaboration





  • SALIHIN demonstrate her commitment to integrating reporting through active participation in various initiatives with various national regulatory authorities and professional association like Bursa Malaysia Securities, MIA, MAFA, ACCA, and CPA Australia.





 



Credentials





  • SALIHIN has extensive technical expertise and experience in both Advisory and Assurance delivering engagements across our portfolio of integrated reporting offerings.





 



Inter-functional synergies





  • SALIHIN has dynamic model that enables leveraging of synergies across our functions of risk advisory services, tax, audit, IT consulting, Sharia and financial advisory services to bring most value to clients





 



Tools and methodologies





  • SALIHIN possesses dynamic set of methodologies and tools that are deployed to deliver successful outcomes on client projects.



Internal auditing
 Article

 



At SALIHIN, we offer a wide range of internal audit services. Outsourcing or co-sourcing the internal audit function with us allows organizations to improve their operations with the depth of knowledge and nonbiased approach that management looks for. Our experienced team of internal audit professionals offer efficient, cost effective solutions and follow a risk-based approach to help organizations improve performance and operational efficiency.



 




  • We act as consultant and catalyst for improvement in an organization’s practices.

  • We report to senior management that important risks have been evaluated and highlighting where improvements are necessary.

  • We help senior management to demonstrate that they are managing the organization effectively on behalf of their stakeholders.



 



A contemporary internal audit function needs to be vibrant, strategic and risk focused to create sustainable value propositions that respond to the changing business environment. Thus, our approach focuses on:



 











 

SALIHIN Premier Solutions (SPS) Accounting Software is driving a new development in the role of the corporate accountant
 Article

In this new era of globalization and technology, software savvy is now among the most marketable job skills a professional accountant can possess. As what has been said by Sarah Perrin in AB Magazine, “technology will support more real-time reporting and analysis, as well as a transition from retrospective to predictive analysis”. Thus, from that connotation, it can be predicted that by time, software is changing the role of tomorrow’s accountants. To keep up with the changes, there are number of things every future accountant should know about how software is affecting their profession.



Therefore, SALIHIN-UMT Teaching Accountancy Firm (TAF) has conducted training on accounting software namely SALIHIN Premier Solutions (SPS). This training is aimed to produce  highly qualified students with vast knowledge in accounting software targeting accounting students of Faculty of Business and Management in Universiti Malaysia Terengganu (UMT) and also Universiti Sultan Zainal Abidin (UniSZA).



Beyond core accounting modules such as the general ledger, accounts payable, and accounts receivable, SPS functionality exists for bank reconciliations, cash management, financial statement compilation, asset depreciation, and beyond. With experienced consultants in area of accounting, taxation and IT, the students are equipped with necessary skills in exploring how accountants work and experience real data with real assessment. Upon completion of this training with passing marks in the assessment given, a certificate of completion is given to the students.The two-days training has yield a professional student that is industry-ready and efficient in accounting skills.

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