Another wave of new IFRS standards hitting Malaysia by 2013

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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.

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…!!!