Archive about 'Malaysia(n) Financial Reporting Standards'

Please Explain What Are The Underlying Accounting Principles That At Least Need To Be Follow When Presenting Financial Statements under FRS 101

Tweet Under FRS 101 ( Presentation of Financial Statements) it stipulates the minimum underlying accounting principles when presenting the financial statements: Going concern- refer article Accrual basis of accounting-refer article Consistency of presentation- refer article Materiality and aggregation – Each material class of item should be presented separately Offsetting meaning that Assets and Liabilities are […]


Tweet The interim financial statements (whether condensed or full set) include: Balance sheet as of the end of the current interim period and a comparative balance sheet as of the end of the immediately preceding financial year Income statements for the current interim period and cumulatively for the current financial year to date, with comparative […]


Tweet FRS 134: INTERIM FINANCIAL REPORTING This FRS does not mandate which entities should publish interim financial reports, how frequently or how soon after the end of an interim period FRS 134 defines interim period as a financial period that is shorter than a full financial period An interim financial report can contains either a […]

Format Of The INDIRECT METHOD of Cash Flow Statement (FRS 107)

Tweet Earlier article is on the format of the Direct method. Append below is the INDIRECT method commonly used by many companies to present their cash flow statements. { Click here to go to Content Page on All other articles on commonly used ACCOUNTING REPORTS FORMAT }

Format Of Direct Method Of Cash Flow Statement ( FRS 107)

Tweet Below is the format or presentation of the Direct method of cash flow statement. If the direct method is used, then the entity needs to disclose in the notes a statement reconciling the cash flows from operations to the net profit from the income statement for the period. { Click here to go to […]

What is Statement Of Changes In Equity?

Tweet FRS 101 & Statement of changes in equity In FRS 101 a complete set of financial statement should include the statement of changes in equity. In basic accounting, we understand that equity comprises shares and reserves. Hence, this statement of changes in equity reflects  ALL CHANGES IN SHARE CAPITAL AND RESERVES to be disclosed […]

IAS 24 or FRS 124 Regarding Examples Of Transactions Between Related Parties

Tweet IAS 24 and Malaysia’s FRS 124 deal with Related Party Disclosures. Name some examples of Related Party Transactions Examples Of Related Party Transactions are: Purchases or sales of goods (finished or unfinished) Purchases or sales of property or other assets Rendering or receiving of services Leases Transfers of research and development Transfers under license […]

Under FRS 123, What Is The Criteria, Accounting Treatment of Borrowing Costs and The Limitations to The Amount That Can Be Capitalized

Tweet Criteria for Capitalization of borrowing costs: FRS 123 prescribes that borrowing costs can be capitalized on qualifying assets. Borrowing costs definition are interest and other costs incurred in relation to borrowing of funds. This includes interest amortization of discounts, premiums and ancillary costs relating to borrowings. For qualifying asset, it is an asset that […]

Financial Reporting Standard 118 – Revenue

Tweet The objective of this Standard is to prescribe the accounting treatment of revenue arising from certain types of transactions and events. The primary issue in accounting for revenue is determining when to recognise revenue. Revenue is recognised when it is probable that future economic benefits will flow to the entity and these benefits can […]

Under FRS 101 Presentation Of Financial Statement, How Is The Statement Of Changes In Equity Being Presented

Tweet Items which are presented on the face of the financial statement of changes in equity: Net profit or loss for the period Items of income, gain, expense or loss that are directly recognized in the reserves in compliance with other accounting standards Total profit attributable to equity holders and minority interests Effect of changes […]