Malaysia’s Central Bank Maintains Growth Forecast as the Economy Thrives Since the pandemic, the world economy has struggled to stay on its knees. Recent events such as the ongoing conflict, supply chain disruptions, and inflation have also been warning signs that countries must be very diligent to maintain their monetary well-being. Despite this, Malaysia’s financial…
EPF’s Gross Investment Income Up 7.7% In First Nine Months of 2021 Good news for EPF holders in Malaysia as analysts are anticipating that the EPF payments might reach as high as 6%. For the year 2021, economists forecast a larger dividend payout for Employees Provident Fund (EPF) contributors. The dividend for the previous year…
Changing Interest Rates Needs Amendments to Financial Reporting Standards As banks worldwide are consistently changing their interest rate benchmark, financial reporting standards are affected as well. As such, the second phase of interest rate benchmark reform amendments will take effect accordingly. The implementation of this shall take effect for financial reporting beginning in January 2021.…
Find out all about the latest amendments to the MFRSs Businesses around the globe are currently affected by pandemic Covid-19. The same goes for companies in Malaysia. Whether foreign-owned or local companies, both are in a predicament as to how things will be with the new normal. Financial reporting for the year 2020 and onwards…
Releases of MFRS Financial Instrument to Account for Expected Credit Losses During the COVID-19 The Malaysian Accounting Standards Board (MASB) releases the MFRS Financial Instruments to account for expected credit losses during the COVID-19. MASB is working closely with regulators to monitor the developments of the coronavirus pandemic (COVID-19). MASB is also monitoring how much of an impact this is going to have on Malaysia’s financial markets, along…
MASB Publishes New Classification Notice for Liabilities to Ensure Consistency New Amendments Will Clarify Debts and Liabilities as Current or Non-current As of 16 March 2020, the Malaysian Accounting Standards Board (MASB) has published a new notice which will better classify debts and liabilities. MASB has amended the MFRS101 Presentation of Financial Statements. The…
The Malaysian Accounting Standards Board Publishes the Interest Rate Benchmark Reform As Issued by IASB The Malaysian Accounting Standards Board has released the Interest Rate Benchmark (IRB) Reform on 31st October 2019. The Interest Rate Benchmark Reform will apply as amendments to MFRS 9 Financial Instruments, MFRS 139 Financial Instruments: Recognition and Measurement and MFRS 7…
MASB Issues Revised Framework On April 30, 2018, the Malaysian Accounting Standards Board (MASB) issued a revised Conceptual Framework for Financial Reporting and amendments to fourteen Standards under the Malaysian Financial Reporting Standards Framework. According MASB Chairman, Mohamed Raslan, the revised Conceptual Framework and Amendments to References to the Conceptual Framework in MFRS Standards are word-for-word…
Narrow – Scope Amendments to Pension Accounting in Malaysia The Malaysian Accounting Standards Board (MASB) recently issued narrow-scope amendments to pension accounting. The amendments to the Malaysian Financial Reporting Standards (MFRS) Employee Benefits are word-for-word Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) issued by the International Accounting Standards Board. Under the amendments, an…
Improvements to the MFRS issued On January 15, 2018, the Malaysian Accounting Standards Board (MASB) issued the annual improvements to the Malaysian Financial Reporting Standards (MFRS) 2015 – 2017 cycles. The improvement issued are as follows: MFRS 3 Business Combinations Under the amendments made to MFRS 3, it is clarified that whenever an entity gains…