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: Long-term Interests in…
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…
Issuance of Amendment to Private Entity Definition the Malaysian Accounting Standards A private entity is a private company as defined in section 2 of the Companies Act 2016 that: (a) is not itself required to prepare or lodge any financial statements under any law administered by the Securities Commission or Bank Negara Malaysia; and (b)…
MASB issues amendments to several Standards and a new Interpretation (29 December 2016) The Malaysian Accounting Standards Board (MASB) has today issued a few amendments to certain existing Standards and one new Interpretation. They are: (1) Malaysian Financial Reporting Standards (MFRSs) > Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts (Amendments to MFRS…
MASB issues amendments to Share-based Payment Standards The Malaysian Accounting Standards Board (MASB) has today issued amendments to MFRS 2 Share-based Payment with regards to classification and measurement of share-based payment transactions (the Amendments). The Amendments is word-for-word the Amendments to IFRS 2 issued by the International Accounting Standards Board (IASB). The Amendments provides specific…
MASB issues Clarifications to the new Revenue Standard Date: 25 June 2016. The Malaysian Accounting Standards Board (MASB) has today issued Clarifications to MFRS 15 Revenue from Contracts with Customers (the Amendments). The Amendments is word-for-word Clarifications to IFRS 15 as issued by the International Accounting Standards Board (IASB). The Amendments is effective for annual…
Comparison of PERSs, MPERS and MFRSs in Malaysia In February 2014, the MASB issued Malaysian Private Entities Reporting Standard (MPERS) and this sets a new milestone for financial reporting of private entities in Malaysia. MPERS is based substantially on the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) issued by the…
MASB issues limited amendments to two Standards On 16 April 2016, the Malaysian Accounting Standards Board (MASB) has issued the following pronouncements: (1) Malaysian Financial Reporting Standards (MFRSs) (i) Disclosure Initiative (Amendments to MFRS 107) (ii) Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to MFRS 112) (2) Financial Reporting Standards (FRSs) (i) Disclosure…
MASB issues new Standard which requires lessees to recognise all leases on balance sheet On 15 April 2016, the Malaysian Accounting Standards Board (Board) has issued MFRS 16 Leases to replace the existing Standard on Leases, MFRS 117. MFRS 16 is word-for-word IFRS 16 Leases as issued by the International Accounting Standards Board, and has…
IESBA Invites Comments on Limited Re-Exposure of Proposed Changes to the Code Addressing the Long Association of Personnel With an Audit Client The International Ethics Standards Board for accounting advisors (“IESBA”) has, on 4 February 2016, released an Exposure Draft (“ED’) titled “Limited Re-exposure of Proposed Changes to the Code Addressing the Long Association of…