Mfrs Framework Analysis
Preface
The Malaysian Financial Reporting Standards (MFRS Framework) has been issued by the Malaysian Accounting Standards Board (MASB). These standards are basically in the line with the International Financial Reporting Standards (IFRSs) which issued by the International Accounting Standards Board (IASB) for the preparation and the presentation of financial statements. It is effective for annual periods beginning on or after 1 January 2012.
Begin on or after 1 January 2012, all non-private entities were required to apply the MFRS Framework, with the exception of entities that are within the scope of the MFRS 141 Agriculture and those within the scope of the IC Interpretation 15 Agreements for Construction of Real Estate.
The objective of
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The standards issued by IASB are effective on 1 January 2002 while the new standards issued by the IASB that will be effective after 1 January 2012.
The framework is to be applied by all entities other than private entities for annual periods beginning on or after 1 January 2012, with the exception of the entities that are within the scope of the MFRS 141 Agriculture and those within the scope of the IC Interpretation 15 Agreements for Construction of Real Estate.
The transitional entities will be allowed to defer adoption of the MFRS Framework for 2 years. Therefore, the adoption of MFRS Framework will be compulsory for transitional entities for annual periods beginning on or after 1 January 2014.
Reporting entities will be able to expressly assert that their financial statement is full compliance with IFRS if they adopt the MFRS Framework. It adopts the dual compliance approach which means that the reporting entities that adopt the MFRS framework shall make an explicit and unreserved statement of compliance with MFRS and
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There are a lot of functions and powers of MASB as set out in section 7(1) of the FRA are issuing new accounting standards as approved accounting standards and also to review, revise or adopt existing accounting standards as approved accounting standards.
Next, are issuing statements of principles for financial reporting and conduct public consultation as necessary. Sponsor or undertake the development of possible accounting standards also one of the functions of MASB.
Not only that, the power of MASB also include developing a conceptual framework for the purpose of evaluating proposed the accounting standards and make such changes to proposed the accounting standards as considered necessary.
In addition, is to seek the view of the FRF in relation to new and existing standards, statement of principles, and changes to proposed standards. Beside that is to determine the scope and the application of accounting standards. Last but not least, MASB is responsible for the performing such other function as the Minister of Finance may prescribe.
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