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)
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FRS
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Framework For Preparation and Presentation of Financial Statements |
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1
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First-time Adoption of Financial Reporting Standards |
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2
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Share-based Payments |
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3
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Business Combinations |
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5
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Non-current Assets “Held for Sale” and Discontinued Operations |
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6
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Exploration for and Evaluation of Mineral Resources |
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101
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Presentation of Financial Statements |
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102
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Inventories |
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107
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Cash Flow Statements |
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108
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Accounting Policies, Changes in Accounting Estimates and Errors |
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110
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Events After the Balance Sheet Date |
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111
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Construction Contracts |
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112
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Income Taxes |
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114
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Segment Reporting |
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116
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Property, Plant and Equipment |
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117
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Leases |
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118
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Revenue |
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119
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Employee Benefits |
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120
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Accounting for Government Grants ad Disclosure Of Government Assistance |
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121
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The Effects Of Changes in Foreign Exchange Rates |
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123
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Borrowing Costs |
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124
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Related Party Disclosures |
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126
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Accounting and Reporting By Retirement Plans |
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127
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Consolidated and Separate Financial Statements |
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128
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Investments in Associates |
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129
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Financial Reporting in Hyperinflationary Economies |
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131
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Interests in Joint Ventures |
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132/(ED56) 139
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Financial Instruments: Presentation, Disclosure, Recognition and Measurement |
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133
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Earnings Per Share |
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134
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Interim Financial Reporting |
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136
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Impairment of Assets |
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137
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Provisions, Contingent Liabilities and Contingent Assets |
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138
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Intangible Assets |
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140
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Investment Property |
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