Financial Reporting
How to determine Realised / Unrealised Profits?
There are increasing MASB accounting standards which require the application of fair value accounting and measurement in the financial statements, notable accounting standards include fair value model under FRS 140 Investment Properties and recognition...
Application of IAS 41 Agriculture in Malaysia
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...
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...
Key differences between FRS and MFRS
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...
Bursa Malaysia Directives on disclosure of realised and unrealised profit or loss
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...
New IFRS 13 on Fair Value Measurement
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...
IASB issued 3 new IFRSs on Consolidation and Joint Venture Arrangements
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...
IFRS compliant by 2012 in Malaysia is ON
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...
MFRS 9 to result in comprehensive provisioning methods
KUALA LUMPUR: Perbadanan Insurans Deposit Malaysia (PIDM) expects the Malaysian Financial Reporting Standards 9 (MFRS 9), which was implemented on Jan 1, 2018, to result in comprehensive provisioning methods.
In its annual report 2017, it...