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The MASB had on 17 November 2011 announced and confirmed that Malaysia will converge with IFRS by 1 January 2012 and issued a new Malaysian Financial Reporting Standards (MFRS) framework that is effective from 1 January 2012.
The next question you may be asking is, what are the key differences between the existing Financial Reporting Standards (FRS) and the new MFRS?
A summary of major differences between FRS and IFRS prepared by the staff of MASB is published on the MASB website under ‘Transition to 2012’, of which the summary is to highlight high-level and major differences and those are the views of the MASB staff only. Broadly, the differences are editorial, additional requirements, disclosure, and transitional provision.
In fact, there could be more detailed gap differences than those summary provided by the MASB staff and there are some transitional issues under MFRS 1, First-time adoption of MFRS.
All companies that will be affected by the IFRS convergence are advised to commence their detailed gap analysis and assessment and analyze the impact of applying MFRS 1 when preparing their first quarter announcement and annual MFRS financial statements. Engage and consult with the accounting consultants and auditors where necessary to avoid uncovering significant gap differences and no last-minute surprises.
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