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 […]
MFRS
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 inAccounting
Accounting 101: Considerations for the presentation of financial statements
In our previous series of articles on Beginner’s guide on Accounting – Accounting 101, we have shared with you the objectives and the users of the general purpose financial statements. We have also explained the components of the general purpose financial statements. For this round, we will share with you the considerations for presentation of […]
Posted inAccounting
Accounting 101: Components of the General Purpose Financial Statements
Understand the main components of general purpose financial statements. The article also explains further what are these components and their purposes.
Posted inAccounting
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.
Posted inAccounting
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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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.
Posted inFinancial Accounting
Amendments to MFRS 116 Property, Plant and Equipment: Proceeds before Intended Use
Learn how the amendments to MFRS 116 Property, Plant and Equipment clarify the treatment relating to proceeds received before intended use.
Posted inFinancial Accounting
Classification of Financial Liabilities in MFRS 101: What will change?
Find out how classification of financial liabilities will change in the financial statements following the amendments to MFRS 101.
Posted inFinancial Accounting
IFRIC Agenda Decision: How Does It Affect You?
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 […]