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…
What Does the New Government Mean for Malaysia in Terms of Business? Malaysia, the fourth largest economy in Southeast Asia, has always been known for its high labor productivity and its diverse economy. For the first time in 61-years, the country has a new government, a significant win in the country’s history since it gained…
Goods And Services Taxes (GST) Does Not Burden The People, Says Malaysian Premier Malaysian Prime Minister, Datuk Seri Najib Abdul Razak said the introduction of the Goods and Services Tax (GST), although unpopular, was the right decision in view of changing economic circumstances. He said the GST was only imposed after extensive studies were carried out…
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…
New Trade Deal Signed By 11 Countries Eleven countries in the Trans-Pacific Partnership free trade agreement recently sent a strong message to Washington against its increasing protectionism in trade. The countries proceeded to sign a new deal known as The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It was signed in Santiago, Chile, by…
Pahang Set to Woo Investors with Mammoth Projects Pahang looks set to woo both foreign and local investors with numerous large-scale projects, including the East Coast Railway Line (ECRL) project, Malaysia-China Kuantan Industrial Park (MCKIP), Kuantan Port expansion and Tanjong Agas Oil & Gas and Logistic Industrial Park. These mammoth projects will play a big…
No more Change In The Registered Address lodgments at SSM counters Beginning December 1, 2017, all lodgments of the Notification of Change In The Registered Address (CRA) through the Companies Commission of Malaysia (SSM) counters will be rejected. This includes all counters at SSM’s head office, state offices and branches. According to a recent announcement from the SSM,…
MIDA Hold Special Briefing Sessions for Greater Opportunities The Malaysian Investment Development Authority (MIDA) recently held a briefing session entitled, “An Update on Investment Opportunities in Perlis’ at the MIDA headquarters. The first of it’s kind, this session was part of MIDA’s efforts to provide in-depth opportunities in every state this year. The series follows…
Latest GST updates in Malaysia Beginning January 18, 2018, all applications for GST registration via Taxpayer Access Points (TAP) in Malaysia will be approved within 24 hours. In the event approval was not granted within 24 hoursafter submitting a complete application, those concerned can contact 1-300-888-500 or e-mail ccc@customs.gov.my Also, the Royal Malaysian Customs Department also announced that…
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…