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Technical Bulletin
Title : Deferment of Ic Interpretation 15 "Agreements For The Construction Of Real Estate"
Access No : 38/2010
Edition :
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Content
01 Sep 2010 Circular 38/2010

TO ALL ACCOUNTANTS

DEFERMENT OF IC INTERPRETATION 15 "AGREEMENTS FOR THE CONSTRUCTION OF REAL ESTATE"

The Malaysian Accounting Standards Board ("MASB") has, on 30 August 2010, published a notice of amendment to defer the effective date of IC Interpretation 15 "Agreements for the Construction of Real Estate" from 1 July 2010 to 1 January 2012.

IC Interpretation 15 is a word-for-word reproduction of IFRIC Interpretation 15 "Agreements for the Construction of Real Estate", issued by the IFRS Interpretations Committee of the International Accounting Standards Board ("IASB") in July 2008.

The decision to defer the effective date of IC Interpretation 15 was reached after taking into regard the IASB exposure draft published in June 2010 in respect of the proposed new standard on Revenue from Contracts with Customers. As the requirements of IFRIC Interpretation 15 is expected to be subsumed within the new standard upon issuance in mid-2011, the deferment in the effective date of IC Interpretation 15 would allow more room for stakeholders in Malaysia to examine and deliberate the implementation and application of the principles established in IC Interpretation 15 in Malaysia from the perspective of the proposed new standard, besides the opportunity to provide relevant input to the IASB for consideration prior to the finalisation of the new standard on Revenue from Contracts with Customers.

As a result of this deferment, FRS 2012004 "Property Development Activities" shall remain effective until the revised effective date of IC Interpretation 15. Entities in the real estate sector will continue to apply FRS 2012004 in accounting for property development activities but may elect to early adopt IC Interpretation 15 in preparing their financial statements in accordance with the MASB approved accounting standards for entities other than private entities.

Please be guided accordingly.


HO FOONG MOI (MS)
Executive Director
On behalf of the Registrar

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