Press Release From MASB (Thu, 23 Feb 2006)

“Financial Reporting Standards are now optional for private companies with the announcement of two sets of accounting standards by the Malaysian Accounting Standards Board (MASB). This will bring cheer to a few thousands of small and medium sized entities (SME) in Malaysia.”
Salient Points Extracted are:

Now there can be […]

FRS 110 Events After The Balance Sheet Date take effect for annual periods beginning on or after 1 January 2006

The main changes from FRS 110- 2004 are tabulated as follows:

Section
Requirements

Paragraph 12 & 13

The main change from FRS 110-2004 was a limited clarification of paragraphs 12 and 13 (paragraphs 11 and 12 of FRS […]

Extracted from MASB

FRS 124 Related Party Disclosure take effect for annual periods beginning on or after 1January 2006

The main changes from FRS 124- 2004 are tabulated as follows:

Section
Requirements

Scope

Expanded to include ALL entities except for exempt entities as defined in MASB SOP 1 Exempt Enterprise. The existing FRS 124 applies only to public listed companies […]

Extracted from MASB

FRS 102 Inventories take effect for annual periods beginning on or after 1 January 2006
The main changes from FRS 102 2004 are tabulated as follows:

Section
Requirements

Objective and Scope

The objective and scope paragraphs of FRS 102-2004 were amended by removing the words ‘held under the historical cost system’, to clarify that the Standard applies to […]