In this article, we are bringing to you the latest implementation guidance which discusses the preparation of consolidated financial statements for a group that had disposed of its only subsidiary during the financial year. This implementation guidance, named as MFRS Application and Implementation Guide 3 (“MAIG 3”), is issued by the MFRS Application and Implementation […]
Malaysia
Malaysia Latest News, Opinion and Technical Articles for Accounting, Tax, Finance, Audit and related Technology.
Posted inFinancial Accounting
MPSAS 23: Revenue from Non-Exchange Transactions (Taxes and Transfers)
This article discusses and summarises the revenue recognition requirements arising from non-exchange transactions, including taxes and transfers.
Posted inFinancial Accounting
MPSAS 21: Impairment of Non-Cash Generating Assets
For this round, we discuss a specific public sector accounting standard – MPSAS 21, which talks about the impairment of non-cash generating assets. This accounting standard is not available for entities in the private sector. This is because private sector entities hold assets to generate economic benefits. They are often associated with its ability to generate […]
Posted inFinancial Accounting
IFRIC Agenda Decision: Supply Chain Financing Arrangements – Reverse Factoring
IFRS Interpretation Committee (“IFRIC”) had issued an agenda decision to summarise IFRIC consideration and decision relating to the disclosures and presentation of liabilities to pay for goods and services received under a reverse factoring arrangement. The agenda decision discusses and considers the presentation and disclosure requirements under the IAS 1 Presentation of Financial Statements, IAS […]
Posted inFinancial Accounting
IFRIC Agenda Decision: Configuration or Customisation Costs in a Cloud Computing Arrangement (IAS 38 Intangible Assets)
IFRS Interpretation Committee (“IFRIC”) had issued an addendum on 27 April 2021 to summarise IFRIC consideration and decision relating to the configuration and customisation costs in a cloud computing arrangement. This addendum follows the initial discussion on the same issue in its IFRIC Update in March 2021. The issue submitted to IFRIC is on how […]
Posted inFinancial Accounting
Factsheet Series: IFRS 16 Leases – The lessee perspective
In this article, we bring to you IFRS 16 Leases from the lessee perspective. IFRS 16 was issued by the International Accounting Standards Board (“IASB”) in January 2016. IFRS 16 replaces the previous lease standard, IAS 17 Leases with significant changes made on the accounting treatment for lease transactions for lessees. The accounting requirements for […]
Posted inFinancial Accounting
Overview of the Malaysian Public Sector Accounting Standards (“MPSAS”)
In this article, you will gain an overview of the Malaysian Public Sector Accounting Standards (“MPSAS”), including the development of MPSAS.
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 […]