MASB Announces Amendments

The Malaysian Accounting Standards Board (“MASB”) recently announced certain amendments to the MASB approved accounting standards for application in relation to financial statements. These statements are those prepared or lodged under any law administrated by the Securities Commission of Malaysia, Bank Negara Malaysia or the Registrar of Companies:

Both amendments to MASB approved accounting standards for entities other than private entities are effective for annual periods beginning on or after 1 January 2019. Early applications are permitted.

The MASB has also issued MFRS Practice Statement 2 Making Materiality Judgements. This provides guidance on how to make materiality judgements when preparing general purpose financial statements in accordance with MFRS Standards. Companies are permitted to apply the guidance in MFRS Practice Statement 2 to financial statements prepared any time after its issuance date.

A Practice Statement is not a Standard as it does not change or add any new requirements and it is only a non-mandatory guidance designed to assist companies in preparing general purpose financial statements in accordance with the MFRS Framework.

The above pronouncements are word-for-word the respective pronouncements issued by the International Accounting Standards Board (IASB).

Kindly refer to MASB’s website at http://www.masb.org.my/ for further details.