This article discusses the key focus for entities transition to MPSAS. It also touches on the information to be disclosed relating to the transition.
MPSAS
Posted inFinancial Accounting
MPSAS 32: Service Concession Arrangements – Grantor
The article discusses accounting requirements for service concession arrangements for grantor and how it mirrors the operator’s perspective.
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
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
Why there is a need for public sector accounting standards?
This article explains why public sector accounting standards is needed. It also includes the nature and characteristics of the public sector entities.