MASB issues a new framework and amends existing standards

http://www.masb.org.my/index.php?option=com_content&view=article&id=1877:masb-issues-a-new-framework-and-amends-existing-standards&catid=105&Itemid=37

The Malaysian Accounting Standards Board (Board) has today issued:

• a new financial reporting framework for private entities, the Malaysian Private Entities Reporting Standard (MPERS); and
• amendments to several standards for non-private entities. 

All private entities shall apply the MPERS for its financial statements beginning on or after 1 January 2016.

The MPERS is word-for-word the IFRS for SMEs issued by International Accounting Standards Board (IASB) in July 2009 except for the requirements on income tax and property development activities. To date, over 80 countries have adopted the IFRS for SMEs or announced plans to do so.

Amendments to standards for non-private entities

The amendments, which are word-for-word the International Financial Reporting Standards (IFRSs), are:

 Malaysian Financial Reporting Standards (MFRSs)

• MFRS 9 Financial Instruments (Hedge Accounting and am.....

http://www.masb.org.my/index.php?option=com_content&view=article&id=1877:masb-issues-a-new-framework-and-amends-existing-standards&catid=105&Itemid=37