ABOUT MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

November 8th, 2009 Comments off
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In line with the objectives of converging to International Accounting Standards Board(IASB) the Malaysia Financial Reporting Standards(FRS) was incepted in 2006 which is applicable to all entities except for private entities.

Compared to other counterparts like USA, China, India and others, Malaysia can be considered to have an early start. Malaysia, by ensuring the full compliance with IFRS vide the adoption of the following Malaysia financial reporting standards(FRS) should then be able to ensure the comparability and uniformity of the financial statements with other global multinational companies:-

SUMMARY OF MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

FRS



Framework For Preparation and Presentation of Financial Statements

1

First-time Adoption of Financial Reporting Standards

2

Share-based Payments

3

Business Combinations

5

Non-current Assets “Held for Sale” and Discontinued Operations

6

Exploration for and Evaluation of Mineral Resources

101

Presentation of Financial Statements

102

Inventories

107

Cash Flow Statements

108

Accounting Policies, Changes in Accounting Estimates and Errors

110

Events After the Balance Sheet Date

111

Construction Contracts

112

Income Taxes

114

Segment Reporting

116

Property, Plant and Equipment

117

Leases

118

Revenue

119

Employee Benefits

120

Accounting for Government Grants ad Disclosure Of Government Assistance

121

The Effects Of Changes in Foreign Exchange Rates

123

Borrowing Costs

124

Related Party Disclosures

126

Accounting and Reporting By Retirement Plans

127

Consolidated and Separate Financial Statements

128

Investments in Associates

129

Financial Reporting in Hyperinflationary Economies

131

Interests in Joint Ventures

132/(ED56) 139

Financial Instruments: Presentation, Disclosure, Recognition and Measurement

133

Earnings Per Share

134

Interim Financial Reporting

136

Impairment of Assets

137

Provisions, Contingent Liabilities and Contingent Assets

138

Intangible Assets

140

Investment Property

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