The Malaysian Institute of Accountants (MIA) has proposed to amend the Accountants’ Act 1967 so as to enable it to participate more actively in designing surveillance mechanisms and disciplinary actions against errant accountants. By having such amendments, MIA also want to enhance local accountants’ competitiveness on the global front.
MIA president Nik Mohd Hasyudeen Yusoff said […]

Since 2005,MASB had been joining IASB in the process of developing new financial reporting standards in order to ensure the standards were acceptable prior to issuing them in Malaysia.
For this year, The Malaysian Accounting Standards Board (MASB) is reviewing four financial reporting standards issued by the International Accounting Standards Board (IASB) and and plans […]

On Jan 30, Malaysian Institute of Accountants (MIA) has launched the Financial Reporting Standards Implementation Committee (FRSIC).
According to MIA president Abdul Rahim Abdul Hamid,
· FRSIC was set up as there is the absence of a specific organisation that could facilitate the implementation of the standards, particularly on contentious or […]

Since 31 March 2004,IFRS 3 (Accounting for Business Combinations) is mandatory for companies to account for any business combinations.
You might be wondering why IFRS 3 has any involvement with this brand article.
The answer is simple: you will notice that in any business combination there is always an element of purchased goodwill which can […]

Extracted from MASB
FRS 133 Earnings per Share take effect for annual periods beginning on or after 1January 2006
The main are tabulated as follows:

Area
Requirements

Main objective

To provide additional guidance and illustrative examples on selected complex matters, such as the effects of contingently issuable shares; potential ordinary shares of subsidiaries, joint ventures […]