In this article, we will understand how public sector entities present and report budget information in the financial statements.
Malaysia Latest News, Opinion and Technical Articles for Accounting, Tax, Finance, Audit and related Technology.
Accounting 101: Financial reporting frameworks in Malaysia
The article explains the financial reporting frameworks in Malaysia. It helps to explain which accounting framework should an entity apply.
Accounting 101: Introduction to Accounting
In this article, we provide the introduction to accounting, the types of accounting method and why there is a need for accounting framework.
Amendments to MFRS 137: Onerous Contracts
Understand how the amendments may change the way an entity determines the cost of fulfilling its obligation in onerous contract assessment.
The upcoming amendments to IAS 1: Disclosure of Accounting Policies
The article discusses on the upcoming amendments to IAS 1 relating to disclosure of accounting policies including how it affects reporting entities.
Forward looking information for expected credit loss: Common macro economic factors considered by the Malaysian listed companies
MFRS 9 Financial Instruments introduces significant changes to the way entities measure the impairment loss (credit loss) for financial instruments. Under the previous MFRS 139 Financial Instruments: Recognition and Measurement, the impairment loss is measured based on the ‘incurred loss model’. Under this model, financial instruments such as loans, debt securities, and trade receivables are […]
The upcoming amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
Understand the upcoming amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to be issued by IASB soon.
Amendments to MFRS 116 Property, Plant and Equipment: Proceeds before Intended Use
Learn how the amendments to MFRS 116 Property, Plant and Equipment clarify the treatment relating to proceeds received before intended use.
Classification of Financial Liabilities in MFRS 101: What will change?
Find out how classification of financial liabilities will change in the financial statements following the amendments to MFRS 101.
IFRIC Agenda Decision: How Does It Affect You?
IFRIC Agenda Decision is a document issued by the IFRS Interpretations Committee (“IFRIC”). What is IFRIC? IFRIC is an interpretive committee of the International Accounting Standards Board (“IASB”). The function of the IFRIC is to deliberate, respond, and provide a recommendation on issues submitted to the committee regarding the application of the accounting standards issued […]