LISTED companies were required to state the “paper profits” they have in their share investments under the new Financial Reporting Standards (FRS) this year,until the Malaysian Accounting Standards Board (MASB) deferred that indefinitely.
The MASB stated in an advertisement in The Star on Friday that the date to comply with FRS 139 was deferred to a date to be announced by the board.
It is FRS 139 that required investment equities to be marked-to-market,and the surplus or deficit over cost be stated as earnings or losses in the profit and loss (P&L) accounts.
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FCCA,CA(MIA)with more than 26 years of post-qualifying working experiences. Previous working stints with one of the big accounting four,Regional GFC & Group Treasurer in a group of Malaysian and Group CFO in Singapore public listed concern.Also author to another very popular free educational accounting cum finance blog:http://basiccollegeaccounting.com under the branding of College Accounting Coach.
What is the treatment of Provision for Doubtful debts vis-a-vis FRS139?