In this article, we will talk about the last two components in the statement of financial position (or balance sheet) of the general purpose financial statements – liabilities and equity. In our previous article for Accounting 101 series on the Components of the general purpose financial statements, we have explained that the balance sheet is […]
MFRS 9
Posted inAccounting
Accounting 101: Accounting for financial assets
Briefly, this article will explain to you what an asset is and how an asset is accounted for in the financial statements. This article, however, will talk about the accounting for assets from the perspective of the MFRS framework. Nevertheless, entities under the IFRS framework also apply the same requirements as per what we will […]
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 […]