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 […]
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 […]
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 […]
Amendments to MFRS 137 on Onerous Contracts – Cost of Fulfilling a Contract

On 14 May 2020, the IASB issued ‘Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)‘ amending the standard regarding costs a company should include as the cost of fulfilling a contract when assessing whether a contract is onerous. As a result, the Malaysian Accounting Standards Board (“MASB”) issued the amendments to […]
MFRS 116 Amendments – what does this mean for your accounts?

International Accounting Standards Board The International Accounting Standards Board (IASB) published an amendment to IAS 16 in May 2020, and it became effective for accounting periods that begin on or after January 1, 2022. Malaysian Accounting Standards Board In the meantime, on June 5, 2020, the Malaysian Accounting Standards Board (hereafter referred to as “MASB”) released […]
Initial Application of MFRS 17 and MFRS 9 – Comparative Information (Insurance Contracts)

Initial Application of MFRS 17 and MFRS 9 – Comparative Information (Amendment to MFRS 17 Insurance Contracts) – PDF 1. The MASB has issued Initial Application of MFRS 17 and MFRS 9—Comparative Information (Amendment to MFRS 17 Insurance Contracts). 2. The Amendment is limited to the transition requirements of MFRS 17 and has no effect on […]
MASB Updates No.1 November 2021 – IASB Project on Equity Method

1. MASB has advised that in the Accounting Standards Advisory Forum (ASAF) meeting on 1 October 2021, the possible accounting treatment for changes in an investor’s interest in an associate without a change in significant influence will be reviewed. 2. To download ASAF Meeting Summary – https://t.me/YourAuditor/2484 🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻 1. 马来西亚会计准则委员会(MASB)已经告知,在2021年10月1日的会计准则咨询论坛(ASAF)会议上,将审查投资者在联营企业 [Associate] 中的权益发生变化而不发生重大影响的可能的会计处理。 2. 下载《会计准则咨询论坛(ASAF)会议摘要》 – […]