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Other Technical Pronouncements |
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A. ACCOUNTING PRONOUNCEMENTS 1. APPROVED ACCOUNTING STANDARDS IN MALAYSIA |
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a. FINANCIAL REPORTING STANDARDS |
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Effective Date |
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| Foreword to MASB Standards and Other Technical Pronouncements | ||
| FRS 1 | First Time Adoption of Financial Reporting Standards | 01.01.2006 |
| FRS 2 | Share-based Payment | 01.01.2006 |
| FRS 3 | Business Combinations | 01.01.2006 |
| FRS 5 | Non-current Assets Held for Sale and Discontinued Operations | 01.01.2006 |
| FRS 6 | Exploration for and Evaluation of Mineral Resources | 01.01.2007 |
| FRS 101 | Presentation of Financial Statements | 01.01.2006 |
| FRS 102 | Inventories | 01.01.2006 |
| FRS 107 | Cash Flow Statements | 01.07.2007 |
| FRS 108 | Accounting Policies, Changes in Accounting Estimates and Errors | 01.01.2006 |
| FRS 110 | Events After the Balance Sheet Date | 01.01.2006 |
| FRS 111 | Construction Contracts | 01.07.2007 |
| FRS 112 | Income Taxes | 01.07.2007 |
| FRS 1142004 | Segment Reporting | 01.01.2002 |
| FRS 116 | Property, Plant and Equipment | 01.01.2006 |
| FRS 117 | Leases | 01.10.2006 |
| FRS 118 | Revenue | 01.07.2007 |
| FRS 119 | Employee Benefits | 01.01.2003 |
| FRS 120 | Accounting For Government Grants and Disclosure of Government Assistance | 01.07.2007 |
| FRS 121 | The Effects of Changes in Foreign Exchange Rates | 01.01.2006 |
| FRS 1232004 | Borrowing Costs | 01.07.2002 |
| FRS 124 | Related Party Disclosures | 01.10.2006 |
| FRS 126 | Accounting and Reporting by Retirement Benefit Plans | 01.01.2003 |
| FRS 127 | Consolidated and Separate Financial Statements | 01.01.2006 |
| FRS 128 | Investments in Associates | 01.01.2006 |
| FRS 129 | Financial Reporting in Hyperinflationary Economies | 01.01.2003 |
| FRS 131 | Interests in Joint Ventures | 01.01.2006 |
| FRS 132 | Financial Instruments: Disclosure and Presentation | 01.01.2006 |
| FRS 133 | Earnings Per Share | 01.01.2006 |
| FRS 134 | Interim Financial Reporting | 01.07.2007 |
| FRS 136 | Impairment of Assets | 01.01.2006 |
| FRS 137 | Provisions, Contingent Liabilities and Contingent Assets | 01.07.2007 |
| FRS 138 | Intangible Assets | 01.01.2006 |
| FRS 139 | Financial Instruments: Recognition and Measurement | (Deferred) |
| FRS 140 | Investment Property | 01.01.2006 |
| FRS i-12004 | Presentation of Financial Statements Of Islamic Financial Institutions | 01.01.2003 |
| FRS 2012004 | Property Development Activities | 01.01.2004 |
| FRS 2022004 | General Insurance Business | 01.07.2001 |
| FRS 2032004 | Life Insurance Business | 01.07.2001 |
| FRS 2042004 | Accounting for Aquaculture | 01.09.1998 |
| IC INTERPRETATIONS | ||
| 107 | Introduction of the Euro | 01.01.2006 |
| 110 | Government Assistance – No Specific Relation to Operating Activities | 01.01.2006 |
| 112 | Consolidation – Special Purpose Entities | 01.01.2006 |
| 113 | Jointly Controlled Entities – Non-monetary Contributions by Venturers | 01.01.2006 |
| 115 | Operating Leases – Incentives | 01.01.2006 |
| 121 | Income Taxes – Recovery of Revalued Non-Depreciable Assets | 01.01.2006 |
| 125 | Income Taxes – Changes in the Tax Status of an Entity or its Shareholders | 01.01.2006 |
| 127 | Evaluating the Substance of Transactions Involving the Legal Form of a Lease | 01.01.2006 |
| 129 | Disclosure – Service Concession Arrangements | 01.01.2006 |
| 131 | Revenue – Barter Transactions Involving Advertising Services | 01.01.2006 |
| 132 | Intangible Assets – Web Site Costs | 01.01.2006 |
| 201 | Preliminary and Pre-operating Expenses | Dec 2000 |
| 1 | Changes in Existing Decommission, Restoration & Similar Instruments | 01.07.2007 |
| 5 | Rights to Interests Arising from Decommissioning, Restoration & Environmental Rehabilitation Funds | 01.07.2007 |
| 7 | Applying the Restatement Approach Under IAS 29 Financial Reporting in Hyperinflationary Economies | 01.07.2007 |
| 8 | Scope of FRS 2 | 01.07.2007 |
| ADDENDUM TO STANDARDS | Effective Date | |
| Addendum to FRS 124 | Related Party Disclosures | 03.05.2006 |
| Addendum to FRS 138 | Intangible Assets | 01.07.2007 |
| Addendum to FRS 139 | Financial Instruments: Recognition and Measurement | 03.05.2006 |
| Addendum to FRSs | Addendum to FRS 116,117, 132, 136, 138, 139, 140, 1, 5 and IC Interpretation 127 | 15.6.2006 |
| b. PRIVATE ENTITY REPORTING STANDARDS (PERS) | ||
| Standard | Title |
Effective Date Accounting Period Beginning On or After |
| MASB 1 | Presentation of Financial Statements | 01.01.2006 |
| MASB 2 | Inventories | 01.01.2006 |
| MASB 3 | Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies | 01.01.2006 |
| MASB 4 | Research and Development Costs | 01.01.2006 |
| MASB 5 | Cash flow Statements | 01.01.2006 |
| MASB 6 | The Effects of Changes in Foreign Exchange Rates | 01.01.2006 |
| MASB 7 | Construction Contracts | 01.01.2006 |
| MASB 9 | Revenue | 01.01.2006 |
| MASB 10 | Leases | 01.01.2006 |
| MASB 11 | Consolidated Financial Statements and Investments in Subsidiaries | 01.01.2006 |
| MASB 12 | Investments in Associates | 01.01.2006 |
| MASB 14 | Depreciation Accounting | 01.01.2006 |
| MASB 15 | Property, Plant and Equipment | 01.01.2006 |
| MASB 16 | Financial Reporting of Interests in Joint Ventures | 01.01.2006 |
| MASB 19 | Events After the Balance Sheet Date | 01.01.2006 |
| MASB 20 | Provisions, Contingent Liabilities and Contingent Assets | 01.01.2006 |
| MASB 23 | Impairment of Assets | 01.01.2006 |
| MASB 25 | Income Taxes | 01.01.2006 |
| MASB 27 | Borrowing Costs | 01.01.2006 |
| MASB 28 | Discontinuing Operations | 01.01.2006 |
| MASB 29 | Employee Benefits | 01.01.2006 |
| MASB 30 | Accounting and Reporting by Retirement Benefit Plans | 01.01.2006 |
| MASB 31 | Accounting For Government Grants and Disclosure of Government Assistance | 01.01.2006 |
| MASB 32 | Property Development Activities | 01.01.2006 |
| IAS 25 | Accounting for Investments | 01.01.2006 |
| IAS 29 | Financial Reporting in Hyperinflationary Economies | 01.01.2006 |
| MAS 5 | Accounting for Aquaculture | 01.01.2006 |
| IB-1 | Preliminary and Pre-operating Expenditure | 01.01.2006 |
| c. FINANCIAL REPORTING STANDARDS – BAHASA MALAYSIA VERSION | ||
| Prakata Piawaian MASB dan Pengumuman Teknikal Lain | ||
| FRS 101 | Pembentangan Penyata Kewangan | |
| FRS 102 | Inventori | |
| FRS 108 | Untung atau Rugi Bersih Bagi Tempoh, Kesilapan Asas dan Perubahan Dasar Perakaunan | |
| FRS 109 | Kos Penyelidikan dan Pembangunan | |
| FRS 107 | Penyata Aliran Tunai | |
| FRS 121 | Kesan Perubahan Kadar Tukaran Asing | |
| FRS 111 | Kontrak Pembinaan | |
| FRS 124 | Pendedahan Pihak Berkaitan | |
| FRS 118 | Hasil | |
| FRS 117 | Pajakan | |
| FRS 127 | Penyata Kewangan Disatukan dan Pelaburan dalam Subsidiari | |
| FRS 128 | Pelaburan dalam Syarikat Bersekutu | |
| FRS 133 | Perolehan Sesaham | |
| FRS 104 | Perakaunan Susut Nilai | |
| FRS 116 | Harta Tanah, Loji dan Peralatan | |
| FRS 131 | Pelaporan Kewangan bagi Kepentingan dalam Usaha Sama | |
| FRS 202 | Perniagaan Insurans Am | |
| 2. OTHER PRONOUNCEMENTS ISSUED BY MASB | ||
| a. STATEMENT OF PRINCIPLES | ||
| MASB SOP 1 | Exempt Enterprises | |
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Effective
Date Accounting Period Beginning On or After |
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| b. TECHNICAL RELEASES | ||
| TR 1 (Revised) | Share Buybacks - Accounting and Disclosures | 01.01.1999 |
| TR 2 | The Year 2000 Issue : Accounting and Disclosure | 31.07.1998* |
| TR i -1 | Accounting for Zakat for Business | 01.07.2006 |
| TR i -2 | Ijarah | 01.07.2006 |
| * Effective Date : Accounting Period Ending On and After | ||
| c. DISCUSSION PAPER | ||
| Framework | A Proposed Framework for the Preparation and Presentation of Financial Statements | |
| d. EXPOSURE DRAFTS | ||
| Draft 04 | IC Interpretations 9 & 10 | |
| ED 26 | Financial Reporting by Unit Trusts | |
| ED 50 | Agriculture | |
| ED 51 | Insurance Contracts | |
| ED 52 | Private Entity Reporting Standards (PERS) | |
| ED 56 | Financial Instruments Disclosures | |
| ED 57 | Operating Segments | |
| 3. INTERNATIONAL FINANCIAL REPORTING STANDARDS AND INTERNATIONAL ACCOUNTING STANDARDS ISSUED BY THE INTERNATIONAL ACCOUNTING STANDARDS BOARD | ||
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a. INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs) |
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Effective
Date |
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| Preface | Preface to International Financial Reporting Standards | |
| Framework | Framework for the Preparation and Presentation of Financial Statements | |
| IFRS 1 | First-time Adoption of International Financial Reporting Standards | 01.01.2004 |
| IFRS 2 | Share-based Payment | 01.01.2005 |
| IFRS 3 | Business Combinations | 31.03.2004* |
| IFRS 4 | Insurance Contracts | 01.01.2005 |
| IFRS 5 | Non-current Assets Held for Sale and Discontinued Operations | 01.01.2005 |
| IFRS 6 | Exploration for and Evaluation of Mineral Resources | 01.01.2006 |
| IFRS 7 | Financial Instruments: Disclosure | 01.01.2007 |
| IFRS 8 | Operating Segments | 01.01.2009 |
| * Agreement date is on or after 31.03.2004 | ||
| b. INTERNATIONAL ACCOUNTING STANDARDS (IASs) | ||
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Effective
Date |
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| IAS 1 | Presentation of Financial Statements (revised) | 01.01.2005 |
| IAS 2 | Inventories (revised) | 01.01.2005 |
| IAS 7 | Cash Flow Statements | 01.01.1994 |
| IAS 8 | Accounting Policies, Changes in Accounting Estimates and Errors (revised) | 01.01.2005 |
| IAS 10 | Events After the Balance Sheet Date (revised) | 01.01.2005 |
| IAS 11 | Construction Contracts | 01.01.1995 |
| IAS 12 | Income Taxes | 01.01.1998 |
| IAS 16 | Property, Plant and Equipment (revised) | 01.01.2005 |
| IAS 17 | Leases (revised) | 01.01.2005 |
| IAS 18 | Revenue | 01.01.1995 |
| IAS 19 | Employee Benefits | 01.01.1999 |
| IAS 20 | Accounting for Government Grants and Disclosure of Government Assistance | 01.01.1984 |
| IAS 21 | The Effects of Changes in Foreign Exchange Rates (revised) | 01.01.2005 |
| IAS 23 | Borrowing Costs | 01.01.1995 |
| IAS 24 | Related Party Disclosures (revised) | 01.01.2005 |
| IAS 26 | Accounting and Reporting by Retirement Benefit Plans | 01.01.1988 |
| IAS 27 | Consolidated and Separate Financial Statements (revised) | 01.01.2005 |
| IAS 28 | Investments in Associates (revised) | 01.01.2005 |
| IAS 29 | Financial Reporting in Hyperinflationary Economies | 01.01.1990 |
| IAS 31 | Interests in Joint Ventures (revised) | 01.01.2005 |
| IAS 32 | Financial Instruments | 01.01.2005 |
| IAS 33 | Earnings Per Share (revised) | 01.01.2005 |
| IAS 34 | Interim Financial Reporting | 01.01.1999 |
| IAS 36 | Impairment of Assets | 31.03.2004 |
| IAS 37 | Provisions, Contingent Liabilities and Contingent Assets | 01.07.1999 |
| IAS 38 | Intangible Assets | 31.03.2004 |
| IAS 39 | Financial Instruments: Recognition and Measurement (revised) | 01.01.2005 |
| IAS 40 | Investment Property (revised) | 01.01.2005 |
| IAS 41 | Agriculture | 01.01.2003 |
| c. INTERPRETATIONS | ||
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Effective Date |
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| Preface to International Financial Reporting Interpretations Committee | 01.09.2004 | |
| IFRIC 1 | Changes in Existing Decommissioning, Restoration and Similar Liabilities | 01.01.2005 |
| IFRIC 2 | Members’ Shares in Co-operative Entities and Similar Instruments | 01.01.2006 |
| IFRIC 4 | Determining whether an Arrangement contains a Lease | 01.01.2006 |
| IFRIC 5 | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | 01.12.2005 |
| IFRIC 6 | Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipmen | 01.12.2005 |
| IFRIC 7 | Applying the Restatement Approach under IAS 29 “Financial Reporting in the Hyperinflationary Economies” | 01.03.2006 |
| IFRIC 8 | Scope of IFRS 2 | |
| IFRIC 9 | Reassessment of Embedded Derivatives | 01.01.2006 |
| IFRIC 10 | Interim Financial Reporting and Impairment | 01.11.2006 |
| IFRIC 11 | IFRS 2 – Group and Treasury Share Transactions | 01.03.2007 |
| IFRIC 12 | Service Concession Arrangements | 01.01.2008 |
| SIC 7 | Introduction of the Euro | 01.06.1998 |
| SIC 10 | Government Assistance - No Specific Relation to Operating Activities | 01.07.1999 |
| SIC 12 | Consolidation - Special Purpose Entities | 01.07.1999 |
| SIC 13 | Jointly Controlled Entities - Non-Monetary Contributions by Venturers | 01.01.1999 |
| SIC 15 | Operating Leases - Incentives | 01.01.1999 |
| SIC 21 | Income Taxes - Recovery of Revalued Non-Depreciable Assets | 15.07.2000 |
| SIC 25 | Income Taxes - Changes in the Tax Status of an Enterprise or its Shareholders | 15.07.2000 |
| SIC 27 | Evaluating the Substance of Transactions in the Legal Form of a Lease | 31.12.2001 |
| SIC 29 | Disclosure - Service Concessional Arrangements | 31.12.2001 |
| SIC 31 | Revenue - Barter Transactions Involving Advertising Services | 31.12.2001 |
| SIC 32 | Intangible Assets - Web Site Costs | 25.03.2002 |
| B. MALAYSIAN MANAGEMENT ACCOUNTING GUIDELINES | 1997 | |
| MMAG 1 | A Framework for Internal Control | 1998 |
| MMAG 2 | Cash Management | 1998 |
| MMAG 3 | Accounts Receivable Management | 1998 |
| MMAG 4 | Organisational Restructuring | 1998 |
| MMAG 5 | Selecting the Optimum Product Line for an Enterprise | 1998 |
| MMAG 6 | Managing Banking Relations | 1998 |
| MMAG 7 | Human Resources - Accountability | 1998 |
| MMAG 8 | Outsourcing Information Systems | 1998 |
| MMAG 9 | Managing the Human Aspects of Organisational Change | 1998 |
| MMAG 10 | Managing the Annual Financial Statements Audit | 2000 |
| MMAG 11 | Implementing Activity Based Costing | 2000 |
| C. INFORMATION PAPERS OF IFAC PAIB COMMITTEE | ||
| The Roles and Domain of the Professional Accountant in Business | Nov 2005 | |
| Business Planning Guide: Practical Application for SMEs | May 2006 | |
| Internal Controls – A Review of Current Developments | August 2006 | |
| Professional Accountants in Business – At the Heart of Sustainability? | August 2006 | |
| Why Sustainability Counts for Professional Accountants in Business | August 2006 | |
| D. OTHER PUBLICATIONS OF IFAC PAIB COMMITTEE | ||
| Performance Management in Small Business | Apr 1996 | |
| The Role of the Chief Financial Officer in 2010 | Jan 2002 | |
| Managing Risk to Enhance Shareholder Value | Nov 2002 | |
| Quality of Earnings: A Case Study Collection | Feb 2003 | |
| Enterprise Governance: Getting the Balance Right | Feb 2004 | |
| The Diverse Roles of Professional Accountants in Business | Nov 2004 | |
| Notes : | ||
| i. |
Approved Accounting Standards comprise all accounting standards and technical pronouncements issued by the Malaysian Accounting Standards Board (MASB) and extant accounting standards adopted by MASB. |
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| ii. |
In addition to these standards, all statements issued by the Council relating to recommended practices including guidelines of best practices on accounting are to be regarded as opinions on best current practices, and thus form part of the Generally Accepted Accounting Principles (GAAP). |
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| iii. |
IFRS/IASs are issued by the International Accounting Standards Board (IASB). |
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| iv. |
Malaysian Management Accounting Guidelines (MMAG) are adopted by MIA. |
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