Financial Reporting

The MASB had on 17 November 2011 announced and confirmed that Malaysia will converge with IFRS by 1 January 2012 and issued a new Malaysian Financial Reporting Standards (MFRS) framework that are effective from 1 January 2012.  Read more ›

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In May 2011, the International Accounting Standards Board (IASB) simultaneously issued six IFRSs, five of which relate to consolidation and one on fair value measurement.

• IFRS 10, Consolidated Financial Statements;
• IFRS 11, Joint Arrangements;
• IFRS 12, Disclosures of Interests in Other Entities;
• IFRS 13, Fair Value Measurement;
• IAS 27 (revised), Separate Financial Statements; and
• IAS 28 (revised), Investments in Associates and Joint Ventures.

Read more ›

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19 November 2011 – The Malaysian Accounting Standards Board  (MASB) today issued a new MASB approved accounting framework, named as “Malaysian Financial Reporting Standards (MFRS Framework)”, which are word-by-word equivalent to IFRS standards issued by IASB including effective dates.

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The Securities Commission Malaysia on 8 July 2011, launched the 5-year Corporate Governance Blueprint, which provides the action plan to raise the standards of corporate governance in Malaysia.

The Blueprint focuses on 6 areas, namely shareholder rights, the roles of institutional investors, gatekeepers and influencers, disclosure and transparency, and public and private enforcement. Read more ›

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The Malaysian Accounting Standards Board (“MASB”) has, on 28 June 2011, issued MASB Exposure Draft 75 “IFRS-compliant Financial Reporting Standards” (“MASB ED 75”), which proposes to replace the existing Financial Reporting Standards (“FRS”) in conjunction with the plan to fully converge with International Financial Reporting Standards (“IFRS”) on 1 January 2012. Read more ›

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In a meeting of National Standard Setters (NSS) in March 2011, the Malaysian Accounting Standards Board (MASB) called for limited amendments to IAS 41 Agriculture and requested the IASB to reconsider the accounting treatment for bearer biological assets (BBA) by adding a definition of BBA and including BBA within the scope of IAS 16 Property, Plant and Equipment. The MASB proposes that no change be made to the accounting treatment for consumable biological assets (CBA), for which the most appropriate measurement basis is fair value as prescribed in IAS 41.

NSS Chairman commented that many jurisdictions have the same concerns as those held by Malaysia and a post implementation review of IAS 41 would be timely. Read more ›

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In January 2006, Malaysian Accounting Standards Board (MASB) issued Exposure Draft ED 50 Agriculture for public comments by professional accounting bodies, regulators, users and other interested parties. The ED 50 was closed for comments by March 2006, and remains outstanding and pending further review or pending conclusion by MASB. As of May 2011, even after so many years since the exposure draft issued, ED 50 Agriculture has not been adopted as final Financial Reporting Standard (FRS) in Malaysia.

ED 50 is identical with IAS 41 Agriculture that was issued by the International Accounting Standards Board (IASB) on 22 February 2001. Read more ›

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On 12 May 2011, the IASB has issued IFRS 13 Fair Value Measurement which replaces the guidance on fair value measurement in existing IFRS accounting literature with a single standard.

The IFRS is the result of joint efforts by the IASB and FASB to develop a converged fair value framework and both IASB and FASB issued substantially converged requirements for Fair Value Measurement and Disclosures; the FASB has also issued conforming amendments to their own fair value guidance in ASC 820. Read more ›

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On 12 May 2012, the International Accounting Standards Board (IASB) issued 3 new IFRSs on accounting for consolidation, joint (venture) arrangements and disclosure of involvements with other entities.

Each of the 3 standards have an effective date for annual periods beginning on or after 1 January 2013, with earlier application permitted so long as each of the other standards in the ‘package of three’ are also early applied. Read more ›

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Further to our blog on “How to determine Realised / Unrealised Profits?”, there are some new developments in the accounting profession and regulator’s directives.

Revised Bursa Malaysia Directive dated 20 December 2010

In the Bursa Malaysia Directive (Revised) on Disclosure of Realised and Unrealised Profits or Losses, a listed company must disclose the breakdown of unappropriated profits or losses as at the financial year end and the previous financial year, on a company and group basis, into realised and unrealised profits or losses, in the Notes to the audited Financial Statements (instead of the Annual Report as required in the original directive dated 25 March 2010). Read more ›

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