Another wave of new IFRS standards hitting Malaysia by 2013



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.

Enjoy reading…!!!