ED International Tax Reform—Pillar 2 Model Rules – Proposed amendments to the IFRS for SMEs Standard
The “Exposure Draft ED/2023/1 International Tax Reform—Pillar Two Model Rules – Proposed amendments to the IFRS for SMEs Standard” was published by the International Accounting Standards Board (IASB) on June 1, 2023. The Exposure Draft proposes amendments to the IFRS for SMEs (International Financial Reporting Standards for Small and Medium-sized Entities) Standard in response to […]
Exposure Draft – Snapshot IFRS for SMEs Accounting Standard (Third Edition)
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Why we need the 3rd edition of the IFRS for SMEs Accounting Standard
The IFRS for SMEs (International Financial Reporting Standards for Small and Medium-sized Entities) is a set of accounting standards designed specifically for small and medium-sized entities. The first edition of the IFRS for SMEs was published in 2009, and the second was published in 2015. The third edition was published in 2021 and includes several […]
Accounting for Business Combinations in MFRS 3
Acquisitions are a standard business practice, and several motivations exist behind this. For instance, they may be interested in increasing their overall size, diversifying the types of products they sell or services they provide, or expanding into new markets or geographical areas. However, the question that needs to be answered is how we can determine […]
Amendments to MFRS 17 Insurance Contracts
The IASB has been monitoring the implementation of IFRS 17 Insurance Contracts since it was announced in May 2017. IFRS 17 is one of the largest accounting changes in insurance in the last decade, impacting insurance firms’ entire operating model. During the meeting in October 2018, the Board came up with a list of 25 […]
Amendments to MFRS 3 – Reference to the Conceptual Framework
The Accounting Requirements for Business Combinations have not been altered due to the amendments made to MFRS 3 Business Combinations; instead, MFRS 3’s reference to the Conceptual Framework for Financial Reporting has been brought up to date. In addition, the amendments make it clear that contingent assets should not be recognised at the acquisition date. An […]
Annual Improvements to MFRS Standards 2018–2020
Annual Improvements provide a mechanism for dealing efficiently with a collection of minor amendments to MFRS Standards. The Annual Improvements to MFRS Standards 2018–2020 covers amendments to: An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2022. Earlier application is permitted. If an entity applies the amendment for […]
Amendments to MFRS 101 on classification of Liabilities as Current or Non-Current
On 23 January 2020, the International Accounting Standards Board (often known as the “IASB”) published amendments to paragraphs 69 to 76 of the IAS 1 Presentation of Financial Statements. The amendments clarify: In this context, the Malaysian Accounting Standards Board (commonly known as “MASB”) has decided to implement the same amendments for MFRS 101. Amendments […]
Amendments to MFRS 112 on deferred tax related to Assets and Liabilities
TIAS 12 Income Taxes When an entity recognises assets or liabilities for the first time, under IAS 12, the entity is exempted from recognising any deferred taxes. There has been a degree of ambiguity regarding the applicability of this exemption to circumstances in which an asset and a liability are simultaneously recognised in the course […]
Conceptual Framework for Financial Reporting | 财务报告概念框架
Introduction Since its founding in 2001, the International Accounting Standards Board (IASB) has had a profound impact on the global landscape of financial reporting for companies. But it was the International Accounting Standards Committee (IASC), during its 27 years of existence from 1973 to 2000, that laid the groundwork for the International Accounting Standards Board […]
