Financial Accounting

MPSAS 24 Budget Information: Transparency on how public sector utilised budget

by THEACCSENSE April 15, 2021January 2, 2023

In this article, we will understand how public sector entities present and report budget information in the financial statements.

Financial Accounting

Amendments to MFRS 137: Onerous Contracts

by THEACCSENSE April 14, 2021January 2, 2023

Understand how the amendments may change the way an entity determines the cost of fulfilling its obligation in onerous contract assessment.

Financial Accounting

The upcoming amendments to IAS 1: Disclosure of Accounting Policies

by THEACCSENSE April 14, 2021January 2, 2023

The article discusses on the upcoming amendments to IAS 1 relating to disclosure of accounting policies including how it affects reporting entities.

Financial Accounting

Forward looking information for expected credit loss: Common macro economic factors considered by the Malaysian listed companies

by THEACCSENSE April 14, 2021January 2, 2023

MFRS 9 Financial Instruments introduces significant changes to the way entities measure the impairment loss (credit loss) for financial instruments. Under the previous MFRS 139 Financial Instruments: Recognition and Measurement, the impairment loss is measured based on the ‘incurred loss model’. Under this model, financial instruments such as loans, debt securities, and trade receivables are […]

Accounting policies and accounting estimates

Financial Accounting

The upcoming amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

by THEACCSENSE April 13, 2021January 2, 2023

Understand the upcoming amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to be issued by IASB soon.

Financial Accounting

Amendments to MFRS 116 Property, Plant and Equipment: Proceeds before Intended Use

by THEACCSENSE April 13, 2021January 2, 2023

Learn how the amendments to MFRS 116 Property, Plant and Equipment clarify the treatment relating to proceeds received before intended use.

The amendments to the principles of current or non-current of financial liabilities will potentially change entities’ current practises and the classification of financial liabilities in the financial statements.

Financial Accounting

Classification of Financial Liabilities in MFRS 101: What will change?

by THEACCSENSE April 13, 2021January 2, 2023

Find out how classification of financial liabilities will change in the financial statements following the amendments to MFRS 101.

IFRIC Agenda Decision provides explanatory material that may change the practices and accounting policies of entities applying IFRS/MFRS.

Financial Accounting

IFRIC Agenda Decision: How Does It Affect You?

by THEACCSENSE April 12, 2021January 2, 2023

IFRIC Agenda Decision is a document issued by the IFRS Interpretations Committee (“IFRIC”). What is IFRIC? IFRIC is an interpretive committee of the International Accounting Standards Board (“IASB”). The function of the IFRIC is to deliberate, respond, and provide a recommendation on issues submitted to the committee regarding the application of the accounting standards issued […]