Malaysian Financial Reporting Standards Mfrs

It is fully compliant with the international financial reporting standards ifrs framework which enhances the credibility and transparency of financial reporting in malaysia.

Malaysian financial reporting standards mfrs. The malaysian financial reporting standards mfrs which serve as a basis for financial reporting in malaysia have been fully converged with the international financial reporting standards ifrs from 1 january 2012. Mfrs 9 replaces the existing mfrs 139 financial instruments. The malaysian financial reporting standards mfrs framework was introduced by the malaysian accounting standards board masb and came into effect on 1 january 2012. On 17 november 2011 the masb issued a new masb approved accounting framework the malaysian financial reporting standards mfrs framework which is a fully ifrs compliant framework and equivalent to ifrss.

In november 2011 the masb issued the mfrs framework which is malaysian financial reporting standards mfrs that are in substance word for word in agreement with all ifrs standards in effect as of 1 january 2012. Recognition and measurement from 1 january 2018 and introduces changes in the following four areas. The malaysian accounting standards board masb issued a brand new malaysian financial reporting standards mfrs on the recognition and measurements of financial instruments mfrs 9. In august 2008 the masb announced its plan to converge malaysian financial reporting standards mfrs with ifrs standards in 2012.

One of the key challenges in the implementation of mfrs 16 would be to fully comprehend its key requirements said lee pei yin partner ey malaysia. Mfrs 9 will be effective for financial period beginning on or after 1 january 2018 with early application permitted. See this press release. Private entities now have a choice of continuing with the existing private entity reporting standards pers framework or apply the malaysian financial reporting standards mfrs framework mandatory for non private entities except transitioning entities or by 1 january 2016 mandatory migration to the new mpers framework.

The mfrs framework comprises standards as issued by the international accounting standards board iasb that are effective on 1 january 2012.