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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 [...] 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 [...] Extracted from MASB FRS 108 Accounting Policies,Changes in Accounting Estimates and Errors take effect for annual periods beginning on or after 1January 2006 The main changes from FRS 108- 2004 are tabulated as follows: Relevant Area Requirements Selection of Accounting Policies The requirements for the selection and application of accounting policies in [...] 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 [...] 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: [...] |  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. | |||||
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