Second Phase of Interest Rate Benchmark Reform

Second Phase of Interest Rate Benchmark Reform

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.…

MFRS Financial Instrument to Account for Expected Credit Losses During the COVID-19

MFRS Financial Instrument to Account for Expected Credit Losses During the COVID-19

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 Interest Rate Benchmark Reform

MASB Publishes Interest Rate Benchmark Reform

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

MASB Issues Revised Framework

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…