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Malaysia: Updates From MASB & FRS 2004 To Present FRS
Published by slang May 13th, 2006 in Asia-Pacific, MalaysiaThere have been updates from the old MASB standards and old FRS of 2004 to present Financial Reporting Standards.
For easy reference, append below is a snapshot of the summary of complete listing of the Financial Reporting Standards. It traces the origin back to the old MASB and the old FRS 2004 and have included comments on its replacement.
Also, the impending exposure drafts wef from 1/1/06 were included, cross-reference to the FRSs which are being reviewed.
| FRS | Description | NOW REPLACED BY & WEF 1/1/2006 |
Ex-MASB | |||
| 1 | First Time Adoption of Financial Reporting Standards | - |
- | |||
| 2 | Share-based Payment | |||||
| 3 |
Business Combination |
FRS122/2004 & MASB 21 |
MASB 21 |
|||
| 5 |
Non-current Assets Held for Sale and Discounted Operations |
FRS135/2004 & MASB 28 |
MASB 28 |
|||
| 101 |
Presentation of Financial Statement |
FRS101/2004 & MASB 1 |
MASB 1 |
|||
| 102 |
Inventories |
FRS102/2004 & MASB 2 |
MASB 2 |
|||
| 104 | Depreciation Accounting | MASB 14 | ||||
| 107(2004) | Cash Flow Statements | MASB 5 | ||||
| 108 |
Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies |
FRS108/2008 & MASB 3 |
MASB 3 |
|||
| 109 | Research and Development Costs | MASB 4 | ||||
| 110 |
Events After the Balance Sheet Date |
FRS110/2004 & MASB19 |
MASB 19 |
|||
| 111(2004) | Construction Contracts | MASB 7 | ||||
| 112(2004) | Income Taxes | MASB 25 | ||||
| 114(2004) | Segment Reporting | MASB 22 | ||||
| 116 |
Property, Plant and Equipment |
FRS116/2004 & MASB 15 |
MASB 15 |
|||
| 117 | Leases | MASB 10 | ||||
| 118(2004) | Revenue | MASB 9 | ||||
| 119(2004) | Employee Benefits | MASB 29 | ||||
| 120(2004) | Accounting for Government Grants and Disclosure of Government Assistance | MASB 31 | ||||
| 121 |
The Effect of Changes in Foreign Exchange Rates |
FRS121/2004 & MASB 6 |
MASB 6 |
|||
| 122 | Business Combinations | MASB 21 | ||||
| 123(2004) | Borrowing Costs | MASB 127 | ||||
| 124 |
Related Party Disclosures |
FRS124/2004 & MASB 8 |
MASB 8 |
|||
| 125 | Accounting for Investments | IAS 25 | ||||
| 126(2004) | Accounting and Reporting by Retirement Benefit Plan | MASB 30 | ||||
| 127 | Consolidated Financial Statements and Investments in Subsidiaries | MASB 11 | ||||
| 128 | Investments in Associates | MASB 12 | ||||
| 129(2004) | Financial Reporting in Hyperinflationary Economies | IAS 29 | ||||
| 131 | Financial Reporting Of Interests in Joint Ventures | MASB 16 | ||||
| 132 | Financial Instruments: Disclosure and Presentation | MASB 24 | ||||
| 133 | Earnings Per Share | MASB 13 | ||||
| 134(2004) | Interim Financial Reporting | MASB 26 | ||||
| 135 | Discontinuing Operations | MASB 28 | ||||
| 136 |
Impairment of Assets |
FRS 136/2004 & MASB 23 |
MASB 23 |
|||
| 137(2004) | Provisions, Contingent Liabilities and Contingent Assets | MASB 20 | ||||
| 138 | Intangible Assets | NIL | ||||
| 201(2004) | Property Development Activities | MASB 32 | ||||
| 202(2004) | General Insurance Business | MASB 17 | ||||
| 203(2004) | Life Insurance Business | MASB 18 | ||||
| 204(2004) | Accounting for Aquaculture | MASB 5 | ||||
| FRSi-1(2004) | Presentation of Financial Statements of Islamic Financial Insitution | MASB I-1 |
The following is the anticipated key changes to existing FRS based on the Current MASB Exposure Drafts:
| Exposure Draft |
FRS |
|
| ED 35R | Financial Instruments: Recognition and Measurement | |
| ED 43 :Proposed Improvements to MASB Standard on Leases | FRS 117 (MASB10) Leases |
|
| ED 45 : Proposed Improvements to MASB Standard on Financial Instruments: Disclosure and Presentation | FRS 132 (MASB 24) Financial Instruments: Disclosure and Presentation |
|
| ED 46:Proposed Improvements to Financial Reporting Standards | FRS 127 (MASB 11) Consolidated Financial Statements and Investments in Subsidiaries | |
| ED 46:Proposed Improvements to Financial Reporting Standards ED 46 | FRS 128 (MASB 12) Investments in Associates |
|
| ED 46:Proposed Improvements to Financial Reporting Standards ED 46 | FRS 131 (MASB 16) Financial Reporting in Interest of Joint Ventures |
|
| ED 46:Proposed Improvements to Financial Reporting Standards | FRS 133 (MASB 13) Earnings Per Share |
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Hi, here is one question want to ask.
MASB has issued Malaysia own standards which come out with series of MASB Standards. But now there is change to adoption of FRS.
Has the role of MASB diminished in such a convergence? What has MASB done in such convergence and what is the expected role of MASB in future?
Hope tou can answer my question. Thanks a lot!
Regards,
Mei Yih
Hi, here is one question want to ask.
MASB has issued Malaysia own standards which come out with series of MASB Standards. But now there is change to adoption of FRS.
Has the role of MASB diminished in such a convergence? What has MASB done in such convergence and what is the expected role of MASB in future?
Hope tou can answer my question. Thanks a lot!