Understand the main components of general purpose financial statements. The article also explains further what are these components and their purposes.
Accounting
Latest News, Opinion and Technical Articles for Accounting.
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Accounting 101: Objectives and users of the general purpose financial statements
The article explains the objectives and users of general purpose financial statements. This helps to determine what information are relevant to the users.
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Accounting 101: Determining the MFRS standard to account for a transaction or event
The article provide an understanding on determining the appropriate mfrs accounting standard to account for transactions or events.
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MPSAS 24 Budget Information: Transparency on how public sector utilised budget
In this article, we will understand how public sector entities present and report budget information in the financial statements.
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Accounting 101: Financial reporting frameworks in Malaysia
The article explains the financial reporting frameworks in Malaysia. It helps to explain which accounting framework should an entity apply.
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Accounting 101: Introduction to Accounting
In this article, we provide the introduction to accounting, the types of accounting method and why there is a need for accounting framework.
Posted inFinancial Accounting
Amendments to MFRS 137: Onerous Contracts
Understand how the amendments may change the way an entity determines the cost of fulfilling its obligation in onerous contract assessment.
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The upcoming amendments to IAS 1: Disclosure of Accounting Policies
The article discusses on the upcoming amendments to IAS 1 relating to disclosure of accounting policies including how it affects reporting entities.
Posted inFinancial Accounting
Forward looking information for expected credit loss: Common macro economic factors considered by the Malaysian listed companies
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 […]
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The upcoming amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
Understand the upcoming amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to be issued by IASB soon.