Law Of Contract

The law of contract in Malaysia is codified under the Contracts Act 1950 wherein it sets out the ways in which one may enter into a contract in Malaysia and how such contract can be legally binding.  The Act also sets out the elements that limit the ways in which a contract may be entered and carried out.  If the said contract is breached, the said Act sets out how the said contact can be enforced in the court of law and the remedies available to the aggrieved party. Pursuant to the Contract Act, the following words and expressions are used in the following senses, unless a contrary intention appears from the context: 

1. When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal;
2. When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted.  A proposal, when accepted, becomes a promise;
3. The person making the proposal is called the "promisor" and the person accepting the proposal is called the "promise";
4. When, at the desire of the promisor, the  promisee or  any other person has clone or abstained from  doing, or does or abstains from doing, or promises to do or  to abstain from doing, something, such Act or abstinence or promise is called a consideration for the promise ;
5. Every promise and every set of promises, forming the consideration for each other, is an agreement;
6. Promises, which form the consideration or part, of the. Considerations for each other are called reciprocal promises;
7. An agreement not enforceable by law is said to be void;
8. An agreement enforceable by law is a contract;
9. An  agreement which is enforceable by law  at  the option  of one or more of the parties thereto, but not at the option of the other or others, is a  a voidable contract;
10. A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable.

Following from the above, the essential ingredients of a contract in Malaysia are inter alia as follows:-

• There exists an offer/proposal and there is a clear and unequivocal acceptance of the said offer/acceptance (henceforth referred to as “the said agreement”);
• Reciprocal and mutual consideration for entering the said agreement;
• The parties to the contract are of a legal age and  legally competent to enter the agreement and there exists free consent amongst them;
• The objects of the agreement are legal and it should have not been declared as void under the Contract Act or any other law.

Information systems

Information Systems (IS) is an academic/professional discipline bridging the business field and the well-defined computer science field that is evolving toward a new scientific area of study. An information systems discipline therefore is supported by the theoretical foundations of information andcomputations such that learned scholars have unique opportunities to explore the academics of various business models as well as related algorithmicprocesses within a computer science discipline. Typically, information systems or the more common legacy information systems include people, procedures, data, software, and hardware (by degree) that are used to gather and analyze digital information. Specifically computer-based information systems are complementary networks of hardware/software that people and organizations use to collect, filter, process, create, & distribute data (computing). Computer Information System(s) (CIS) is often a track within the computer science field studying computers and algorithmic processes, including their principles, their software & hardware designs, their applications, and their impact on society. Overall, an IS discipline emphasizes functionality over design.

Definition

Information systems are implemented within an organization for the purpose of improving the effectiveness and efficiency of that organization. Capabilities of the information system and characteristics of the organization, its work systems, its people, and its development and implementation methodologies together determine the extent to which that purpose is achieved

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FINANCIAL ACCOUNTING & REPORTING IN MALAYSIA.

MATERIAL TYPE : BOOK
AQUISITION NO. : 11549

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PREFACE
The impetus to writing this book, entitled "Financial Accounting and Reporting in Malaysia" or FARM in short, started about five years ago in the course of my involvement with the Accounting and Auditing Standards Committees of the Malaysian Institute of Accountants (MIA) and the Malaysian Association of Certified Public Accountants (MACPA). The increase in the accounting pronouncements in the last decade has prompted a need to bridge the gap between current thinking of the accountancy profession and the practitioners, preparers, accountancy students and other users. A book that focuses on local accounting principles and practices was felt necessary to guide users on the preparation and presentation of financial statements that are in confommity with the accounting pronouncements.


Initially, the drafting progressed slowly mainly because there was no urgency to complete the book. However, in the more recent years, the need for the book became more apparent because there have been a number of significant changes in the accounting principles and practices, both internationally and locally. In the international scene, the International Accounting Standards Committee (IASC) has revised practically all the old lASs and issued revised lASs for operations by member bodies. Also, attention has shifted from the debacles of the goodwill and intangible asset accounting in the 1980s to the more contemporary accounting issues of derivatives and financial instruments.
The Malaysian accounting standard-setting bodies, notably the MIA and the MAaCPA, have also started to issue the revised lASs for application in Malaysia. Some of the revised lASs are still in the exposure draft stage in Malaysia at the time of writing this text. At the same time, some local accounting standards and technical guidelines have also been pronounced. In the course of my dealings and contact with the ever busy practitioners and preparers, many of them have expressed an urgency to update their knowledge on accounting principles, particularly in the light of these new pronouncements. A book, such as FARM, may thus help to fulfil this need.


The remarkable growth of the Malaysian economy has witnessed some significant changes in the corporate sector which have a direct bearing upon accounting principles and practices. For example, the emergence of large scale privatisation projects of the Govemment, such as the highway development projects, has created a need for some accounting guidance on toll concession rights. Similarly, the increase in the number of convertible securities, warrants, options and other derivative instruments, has called for an urgency to develop an accounting standard for these instruments. The temms of business acquisitions and mergers have also changed over the years. Contingencies based on profit guarantee and deferred considerations are nowadays structured in the temms of business combinations in Malaysia.

I called it LOve. :)

ehh?SitiRafidah?:D

Okay fine. its me. The most annoying yet crazy person in the planet. HAHA. :D Dare to disturb me? Dont blame me if something happen to ur cat or ur bantal busuk. lalala~ yup. yup. im Siti Rafidah Mohamad && people called me rafidah, pidah, fidah. Please..i beg u. dont call me 'Siti'. It might be the end of ur life.! im 21years old (not that old rite? T.T) currently study at UiTM bandaraya melakau. weee~. I might be ur best dream ever && i might be ur worst nightmare ever. so, be good to me and I"LL TRY TO TREAT U BETTER. ;P

Mak cik Asiah. HAHA.

I love her more than anything. more than my bantal busuk. She very very funny. She loves to take pictures even in a hactic situation. Active in facebook and games. HAHA. :D currently bz with her grandchild, 'amir zhafran. so, no facebook in a meantime. hehe. feel free to add her. she really love it. ^^ okay. she is my mom. Asiah Arshad. For mom : I miss U. next time, Pidah download more adventures games okay. We play it together. HAHA. :D

MyraMiru.

Okay. here come one of my Bantal Peluk. HAHA. *Bantal busuk actually. very kind of me rite? heee. She 18 years old. what? im not her sister.! im her's bestie. huhh.! dont try to mention about my age. HAHA. Amirah Fasihah. Penang. We can chat for a whole day nonstop. ;P okay. her style is totally different with me. she loves cat. i love cats too but im very sensitive with cat's fur. For Myra : wait for me at penang. Love u syg. :D

Mr.Kuma2.

Here come my Mr.kuma kuma. HAHA. His name is Muhammad Kamal Abdul Latif. One of my best Alien's collection. ;P He knew everything about me. I love him because he knew how to handle my worst. HAHA. Always listen to my complain. Always have to do everything for me. *demand demand* ;P The words that i loved to heard from him. 'sabo jela'. The best thing about him, he very patience. ;P For kuma kuma : When we are going to eat KFC again? Its been a year since the last time we met. miss u. :D

Tempias. HAHA. :D

Her name is Nor Tasik Misbahrudin from sabah. Dont call her lombong. Its just for me. :D  She is my Gf. HAHA. We always together. Eats together. Late together. Silat not together. ;P She loves to eat. She the first person that i looked for everythings that happen to me except for my past. ;P I already told u. Its a secret. A secret make a women womens. :D I love her so much. To Tasik : I've done my part. HAHA. :D

Shiori. HAHA.

I knew her almost 16years old. Her name is Nurul Nadia Syazana. :D My childhood's friend. We always fight for just a silly thing. HEHE. But i love her more after that. Sometimes i just felt like to slap right to her face. HAHA. :D but the thing is, she very kind & funny person. She dont know the word 'silent'. Annoying.! ;P she knew everything about me. On our first met, my age around 5 back there. I really really hate her. She done something that very dirty & i had to cleaned it. Done what? ask her. T.T to Nadia : bogoshinpunde. huhu. ;((

My journey from UKM to Uitm. *sigh sigh*

Why? why? why transfer here? why quit UKM? 

*down down*

Is there any problems? Was UKM that bad? errr. be patience Rafidah. 
After all this is what you wish right? 
Doesn’t it mean that your wish has been granted? Alhamdulillah. ^^
What happened before is already done && most importantly im happy because Allah had bring me home. Thank u Allah. 
Past is my mistake && registered here in UiTM is the best place for me.
 It is not like I been expelled from UKM. Not because of my grades too. Don’t misunderstand && don’t judge on me. Im not that naughty. Im very very nice right?? HAHA.


 Here we go at UiTM, I've met new friends. My Housemate. My soulmate, Tasik. ^^
 I just cant stop laughing because of them. 
For my dearest housemate, to Fathiyah, eventhough i always bullied u. hehe. yet, u are so kind. u always listened to my complain. its tired right? haha. i love the way u take care of me.
 To Kak azrin, I know you need my advice. HAHA. Please listen. Maybe you already tired with me but I never tired to bully you. I really really love it. ;P
 Hasya, you’re the best person I’ve ever met. You give me hope and helps me to find my ‘way’ home. I always thought that I cant do it anymore. Thank you Allah for sending me you, hasya. ^^ 
Izzati, we always bullied others. Haha. When we joined, no one can bullied us. The most person that always been bullied is kak mira, right? Hahaha.
 Aieny, ‘kelabu’. Don’t u ever mention about that! HAHA. :D 
Didi, don’t u ever leave me again. I love u. wink. Wink. ;P 
Rima a.k.a Mak. U’re my mom forever! ^^ 
&& for the last person Fifi, heyy. U promise me to buy for me lollipop right? Lollipop~ =.=’.

ehhh? Hasya xd. AHAHA. dugong trdampar. :D

Mak trkejut ye. HAHA.

Satu isi rumah. :)

So, stop asking ‘Why && Why’ because I never answer that question! Have u ever heard a quote from Detektive Conan ‘A secret make a women womens’ that means I never ever tell u about my secret. TQ. :D
For now, we have to struggle to succes. study. study. study.! 

huhhh.!

Narrated Abu Huraira: Allah's Apostle (peace be upon him) said, "If Allah wants to do good to somebody, He afflicts him with trials." [Bukhari Book 70, Voumel 7, No 548)

Khilafah-Hope for Ummah

When Islam was implemented, is stark:

• Economy: Under the Khilafah of Umar bin Abdul Aziz (rh), the State Treasury was overflowing with funds to the point that no person could be found to accept the Zakat.

• Governance: Also under Umar bin Abdul Aziz's (rh) Khilafah, good governance was established. When a man came to discuss personal matters with him, Umar (rh) blew out the state candle and used his personal candle, to ensure that he did not use state resources for personal benefit

• Security: When the hijab of one Muslim woman was violated by Roman soldiers, the Abbasid Khaleefah Mutasim (rh) mobilized an entire army to secure her safety and dignity.

Lack of Islamic Leadership: The Critical Issue

In this era, where the Muslims are in a state of subjugation and poverty, many sincere members of this Ummah have attempted to identify the root causes of the problems. Some may say the Ummah lacks resources and economic power. However, the lack of economic prosperity is a symptom of the actual problem. From a resources perspective, we are well aware that approximately 60% of the world's energy resources reside in the Muslim lands.

Thus, the issue is not a lack of resources, but a lack of Islamic leadership. What we lack is the shield that RasulAllah صلى الله عليه وسلم prescribed for us to use in order to protect ourselves. This shield is described in the following hadith:

"Indeed, the Imam (Khaleefah) is a shield, from behind whom you fight and by whom you are protected." [Muslim]

Allah سبحانه وتعالى has made it an obligation on us to refer solely to the Quran and the Sunnah of His beloved Messenger صلى الله عليه وسلم in matters of ruling, economy, and settling the affairs of the people. As long as we tolerate the rule of the Muslim despots - who do not rule by what Allah سبحانه وتعالى has revealed - we can only expect our present-day condition to persist. Allah سبحانه وتعالى has revealed:

وَأَنِ احْكُمْ بَيْنَهُمْ بِمَا أَنْزَلَ اللَّهُ وَلَا تَتَّبِعْ أَهْوَاءَهُمْ وَاحْذَرْهُمْ أَنْ يَفْتِنُوكَ عَنْ بَعْضِ مَا أَنْزَلَ اللَّهُ إِلَيْكَ

"And rule between them by that which Allah has revealed and follow not their vain desires, but beware that they may turn you away from some of what Allah has revealed to you." [Al-Maaida, 5:49]

Re-establishing the Khilafah - a comprehensive system of governance, education, courts, and other societal institutions which are based on the Quran and Sunnah - in the Muslim lands is the only way of bringing Islam back into our daily lives, free from the influence and dominance of kufr.

Khilafah: One of the Highest Obligations

The fardiyah (obligation) of Khilafah is well known to the Ummah, but some may consider it a low priority. Allah سبحانه وتعالى has revealed:

فَلَا وَرَبِّكَ لَا يُؤْمِنُونَ حَتَّىٰ يُحَكِّمُوكَ فِيمَا شَجَرَ بَيْنَهُمْ ثُمَّ لَا يَجِدُوا فِي أَنْفُسِهِمْ حَرَجًا مِمَّا قَضَيْتَ وَيُسَلِّمُوا تَسْلِيمًا

"And no, by your Lord, they will not believe until they refer to your judgment in all disputes between them then find in themselves no resistance against your decisions, and accept (them) with full submission." [An-Nisaa, 4:65]

This means that if we differ on an issue - such as the priority of the Khilafah - we must refer to the Quran and Sunnah to resolve our disagreement.

Islam has made the unity of the Islamic Ummah and the unity of the State as one of the vital issues. This is manifested in two cases: plurality of Khulafaa' and rebellion against the Islamic State. Imam Muslim reported on the authority of Abdullah ibn Amr ibn al-' Aas that he heard the Messenger of Allah صلى الله عليه وسلم say: "He who pledged his Bay' ah (oath) to an Imam giving him the clasp of his hand and the fruit of his heart shall obey him as long as he can, and if another comes to dispute with him, you must strike the neck of that man."

It has also been reported on the authority of Abu Said Al-Khudri that the Messenger of Allah صلى الله عليه وسلم said:

"If a Bay'ah has been taken for two Khaleefah's, kill the latter of them." [Muslim]

Now that the Islamic State no longer exists, these ahadith indicate the level of priority we must give to ensure that the Ummah is united under the leadership of one Khalifah (Caliph). We must understand that the unity of the Ummah is a "matter of life and death" and therefore we must exert our utmost effort to re-establish the Khilafah in the Muslim lands according to the Prophet's method.

The Return of the Khilafah

The current era of tyrannical rule over the Ummah was prophesized by Prophet Muhammad صلى الله عليه وسلم in the famous hadith narrated by Imam Ahmed (rh): "...there will be dictatorships that will last as long as Allah is willing..." However, the same hadith also predicts that, after this tyrannical era: "...there will be a Khilafah on the way of the Prophethood."Allah سبحانه وتعالى has promised victory to the Ummah.

He سبحانه وتعالى has revealed:

وَعَدَ اللَّهُ الَّذِينَ آمَنُوا مِنْكُمْ وَعَمِلُوا الصَّالِحَاتِ لَيَسْتَخْلِفَنَّهُمْ فِي الْأَرْضِ كَمَا اسْتَخْلَفَ الَّذِينَ مِنْ قَبْلِهِمْ وَلَيُمَكِّنَنَّ لَهُمْ دِينَهُمُ الَّذِي ارْتَضَىٰ لَهُمْ وَلَيُبَدِّلَنَّهُمْ مِنْ بَعْدِ خَوْفِهِمْ أَمْنًا

"Allah has promised such of you who believe and do good deeds that He will surely make them to succeed (the present rulers) in the earth even as He caused those before them to succeed (others); and He will surely establish for them their religion which He has approved for them, and will give in exchange safety after their fear." [An-Nur, 24:55]

Allah سبحانه وتعالى never fails in His promise. We should therefore be motivated by these ahadith and ayah to look forward to the return of the Khilafah as the hope for the Ummah. However, this does not give us the excuse to sit back and wait for the Khilafah. Instead we must reflect on the Sunnah of the Prophet Muhammad صلى الله عليه وسلم and follow his method in establishing the Khilafah, which includes taking halaqa with the goal of attaining the Islamic personality, interacting with the Ummah to create public opinion for Islam, and seeking the support of the people of power and influence for the re-establishment of the Khilafah. In order to do so, we must culture ourselves, as the Sahabah did in Dar-Al-Arqam, and rid ourselves of the influences of Capitalism and adopt the measures of halal and haram in our decision making. We must also work with the Ummah to convince her that Islam is the sole source of legislation and that Islam is sufficient.

May Allah سبحانه وتعالى grant this Ummah victory, so that we may worship Him as He has ordained us to worship.

وَقُلْ جَاءَ الْحَقُّ وَزَهَقَ الْبَاطِلُ ۚ إِنَّ الْبَاطِلَ كَانَ زَهُوقًا

"And say: Truth has come, and falsehood has vanished away. Lo! Falsehood is ever bound to vanish." [al-Israa, 17:81]

article from http://www.mykhilafah.com/english-corner/2264-khilafah-hope-for-the-ummah