MFRS Hub

Our ‘Insights into MFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business. This article explains the recognition principles set out in MFRS 3.

This article sets out the requirements for recognising and measuring any non-controlling interest (NCI).

This article discusses accounting after the acquisition date.

MFRS 3 ‘Business Combinations’ contains the requirements for these transactions, which can be challenging in practice. This article discusses how goodwill, or a gain from a bargain purchase, is initially recognised and measured under MFRS 3, which represents the final step of applying the acquisition method.

While a number of Malaysian Financial Reporting Standards were amended as a consequence of the release of MFRS 18, the most significant amendments were made to the following Malaysian Financial Reporting Standards

Under the new requirements of MFRS 18, items of income and expense are not classified based on their own nature, but rather they are classified based on the nature of the asset, liability or transaction from which they are derived.

Under the new requirements of MFRS 18, items of income and expense are not classified based on their own nature, but rather they are classified based on the nature of the asset, liability or transaction from which they are derived.

Under the new requirements of MFRS 18, items of income and expense are not classified based on their own nature, but rather they are classified based on the nature of the asset, liability or transaction from which they are derived.

Entities should begin preparing for MFRS 18 ‘Presentation and Disclosure in Financial Statements’ sooner rather than later. Changes from MFRS 101 ‘Presentation of Financial Statements’ could have a significant impact on the financial statements.

The Malaysian Accounting Standards Board (MASB) has released amendments to MFRS 9 (equivalent to IFRS 9) ‘Financial Instruments’ and MFRS 7 (equivalent to IFRS 7) ‘Financial Instruments: Disclosures’, following a post-implementation review (PIR) of MFRS 9 completed by International Accounting Standard Board (IASB). The amendments also include consequential changes to MFRS 19 (equivalent to IFRS 19) ‘Subsidiaries without Public Accountability: Disclosures’ to reflect the amendments made to MFRS 7.

On 14 June 2024 the Malaysian Accounting Standards Board (MASB) published a new standard; The new standard, MFRS 18 ‘Presentation and Disclosure in Financial Statements’ (the Standard) replaces MFRS 101 ‘Presentation of Financial Statements’ and will impact every reporting entity that currently uses International Financial Reporting Standards (MFRS).

This article examines the scope of the Standard and considers situations where a contract issued by a non-insurance entity may fall within that scope.

This article focuses on share-based payments directly between the reporting entity and a counterparty.

This article provides an overview including the objective and scope of MFRS 2.

Our ‘Insights into MFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.

Our ‘Insights into MFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.

On 26 June 2023 the International Sustainability Standards Board (ISSB) released its first two International Sustainability Disclosure Standards (IFRS SDS or the Standards) that become effective for periods beginning on or after 1 January 2024.

This article provides a summary of the MFRS 136 disclosure requirements and highlights particular areas of focus for regulators, including select illustrative examples for these areas of focus.

This article considers some regularly encountered application issues when applying MFRS 136, which are the ‘deferred tax and goodwill problem’, non-controlling interests, equity accounting, and the interaction between MFRS 136 and other MFRS.

Our ‘Insights into MFRS 8’ series is designed to illustrate how MFRS 8 should be applied and it provides guidance and insight in some problematic areas. We also include several examples illustrating the Standard’s requirements. This article sets out example disclosures of segment information.

Understanding how an entity is performing from management’s point of view during an interim reporting period can be just as important as the annual disclosures that are required when following MFRS 8 ‘Operating Segments’ – which sets out the minimum disclosure requirements for annual reporting periods.

This article sets out further application issues and information regarding other standards involving operating segments.

This article sets out the requirements for entity-wide disclosures.

This article sets out the segment information that needs to be disclosed in the consolidated financial statements of the reporting entity.

This article sets out the requirements of identifying reportable segments, which is closely linked to aggregating operating segments.

This article sets out the requirements when aggregating operating segments, which is closely linked to reportable segments.

This article focuses on part step 6; reversing impairment losses

This article focuses on part step 6; recognition of impairment losses

This article discusses when there are exceptions to the rule of comparing recoverable amount with carrying amount, which is step 5 in the impairment review process.

This article is the final in a three-part series on Step 4 of the impairment review on estimating the recoverable amount and discusses how to estimate an appropriate discount rate in value in use (VIU) calculations.