Malaysia Issues New and Amendments to Accounting Standards

by CFO Innovation Asia Staff, 06 August 2012

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Accounting and Regulations

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IFRS Malaysian Accounting Standards Board

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The Malaysian Accounting Standards Board has issued new and amendments to standards which are equivalent to the International Financial Reporting Standards (IFRSs).

The amendments to MFRSs are applicable to all Entities Other Than Private Entities while the amendments to FRSs are applicable to Transitioning Entities (TE) that have elected to continue applying FRSs in 2012 and 2013.

TE are entities that are within the scope of MFRS 141 Agriculture (MFRS 141) and / or IC Interpretation 15 Agreements for the Construction of Real Estate (IC 15), including a parent, significant investor and venturer of such TE.

The MFRS Framework is fully IFRS compliant and the key differences between FRSs and MFRSs are that in the former; (a) FRS 2012004 Property Development Activities will continue to be the extant standard for accounting for property development activities and not IC 15; and (b) there is no equivalent standard to MFRS 141.

To limit the gap to only these two standards, pronouncements issued by the IASB are issued for both the MFRS and FRS frameworks.

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