In this article, you will gain an overview of the Malaysian Public Sector Accounting Standards (“MPSAS”), including the development of MPSAS.
Financial Accounting
Latest News, Opinion and Technical Articles for Financial Accounting.
Posted inFinancial Accounting
COVID-19 impact: What have Malaysian listed companies disclosed in their financial statements
COVID-19 has impacted businesses in some way or another. The degree and extent of the impact are different from one company to another. In this article, we will share with you some insights on what has listed companies in Malaysia disclosed in their audited financial statements on the impact of COVID-19 on their businesses and […]
Posted inFinancial Accounting
Factsheet Series: IAS 2 Inventories
Inventories are one of the critical assets in any business. What is inventory? IAS 2 Inventories provides a specific definition of inventories which is defined as assets that are: Held for sale in the ordinary course of business; In the process of production for such sale; or In the form of materials or supplies to […]
Posted inFinancial Accounting
Disclosure Requirements in IFRS Standards – A Pilot Approach: An overview of the Exposure Draft
The International Accounting Standards Board (“IASB”) issued an Exposure Draft: Disclosure Requirements in IFRS Standards – A Pilot Approach on 25 March 2021 to gather public feedback on the IASB’s proposed approach to address the long-outstanding challenges surrounding the disclosure of information in the financial statements. The primary users of the financial statements often struggle […]
Posted inFinancial Accounting
Factsheet Series: IAS 37 Provisions, Contingent Liabilities and Contingent Assets
In this article, we summarises the financial reporting requirements under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
Posted inFinancial Accounting
Factsheet Series: IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
In the preparation of the financial statements, entities apply various judgements in the area of accounting estimates and accounting policies to account for the effect of transactions, conditions and events in the financial statements. Financial statements prepared must also faithfully represent the effects of transactions, conditions and events. When errors are identified in the financial […]
Posted inFinancial Accounting
10 key takeaways on the Practice Statement 2, Making Materiality Judgements
The preparation of financial statements requires an entity to make materiality judgements to determine what and how financial information should be presented and disclosed in the financial statements. In one of our articles in the Accounting 101 series, we have highlighted that materiality is one of the considerations in the preparation of the financial statements. […]
Posted inFinancial Accounting
IFRIC Tentative Agenda Decision: Costs necessary to sell inventories
In addition to the IFRIC Tentative Agenda Decision: Preparation of financial statements when an entity is no longer a going concern, IFRIC on 12 February 2021 also issued another tentative agenda decision – Costs necessary to sell inventories. This tentative agenda decision is open for public comments until 14 April 2021. What are the accounting […]
Posted inFinancial Accounting
Why there is a need for public sector accounting standards?
This article explains why public sector accounting standards is needed. It also includes the nature and characteristics of the public sector entities.
Posted inFinancial Accounting
IFRIC Tentative Agenda Decision: Preparation of financial statements when an entity is no longer a going concern
On 12 February 2021, the IFRS Interpretation Committee (“IFRIC”) issued a tentative agenda decision on the issue relating to the preparation of financial statements when an entity is no longer a going concern. The tentative agenda decision is open for public comments until 14 April 2021. This issue submitted to IFRIC is quite an interesting […]