Malaysia Proposes Revised Standard for Related Party Disclosures

The Malaysian Accounting Standards Board (MASB) has issued Exposure Draft 73 Related Party Disclosures (ED73), a verbatim version of the revised IAS 24 Related Party Disclosures issued by the International Accounting Standards Board (IASB) in November 2009.

 

ED73 proposes to simplify the definition of a related party, clarify its intended meaning and eliminate inconsistencies from the definition. The Exposure Draft also proposed a partial exemption from disclosures for government-related entities. It requires disclosure of related party transactions between government-related entities only if the transactions are individually or collectively significant.

 

Interested parties, including the business communities, are encouraged to study the Exposure Draft and provide feedback to MASB.

 

The exposure period expires on 31 May 2010.

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