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.
All of these new and revised IFRS standards will become effective from 1 January 2013. With Malaysia will be converged to IFRS by 1 January 2012, meaning to say all new and revised IFRS standards issued by IASB will have the same effective date from 1 January 2013 in Malaysia.
To understand how the new and revised standards affect Malaysia companies, Professor Tan Liong Tong wrote a very interesting and easy to understand technical article on IFRS 10, 11, 12 and 13, titled “A Single Control Model for Consolidation, Involvement with Other Entities and Fair Value Measurement – A Review of IFRSs 10 – 13”.
The technical article is published at MASB website. Click here to view.