MASB issues new Insurance Standard and Interpretation on Income Taxes
The Malaysian Accounting Standards Board (MASB) has issued the following pronouncements:
Malaysian Financial Reporting Standards (MFRSs)
– MFRS 17 Insurance Contracts
– IC Interpretation 23 Uncertainty over Income Tax Treatments
Financial Reporting Standard (FRS)
– IC Interpretation 23 Uncertainty over Income Tax Treatments
These pronouncements are word-for-word IFRS 17 Insurance Contracts and IFRIC Interpretation 23 Uncertainty over Income Tax Treatments issued by the International Accounting Standards Board.
MFRS 17 replaces the existing Standard on Insurance Contracts, MFRS 4. MFRS 17 is effective for annual periods beginning on or after 1 January 2021. Earlier application is permitted provided the entities have applied MFRS 9 Financial Instruments and MFRS 15 Revenue from Contracts with Customers on or before the date of initial application of MFRS 17. The IC Interpretations are effective for annual periods beginning on or after 1 January 2019. Earlier application is permitted.
Click here for more information.