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 […]

In one of my earlier articles, I mentioned FRS, IFRS, IAS, etc. So what really is the difference between those mentioned and GAAP?

Simply, Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation […]

Very often, as financial expertise, we always hear about IFRS and IAS. So do you know the difference between them and the background?

First and foremost, the “I” definitely stands for International. These accounting standards are meant for the global arena supposed to be used by countries worldwide. Please note that each individual country in […]

Indian Financial Accounting Standards (Updated: 24th March, 2006)
T.N. Manoharan who took over as President of ICAI (Institute of Chartered Accountants of India) quotes that ICAI is in the midst of getting out the following new accounting standards:

on a more immediate concern to get out the accounting standards on presentation of financial statements (equivalent to […]