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Working Group 21- 30

WG 21, Consolidated Financial Statements and Investments in Subsidiaries

(Chairman: Y.Bhg. Dato' Syed Fahkri Barakbah; Project Manager: AP Tan Liong Tong)

WG 21 was responsible for developing MASB 11 Consolidated Financial Statements and Investments in Subsidiaries. This Standard prescribes the basis for the preparation and presentation of consolidated financial statements for a group of entities under the control of a reporting parent and the accounting treatment for investments in subsidiaries in the separate financial statements of the reporting parent. This Standard was renamed FRS 1272004 with effect from 1 January 2005 and subsequently replaced by FRS 127 Consolidated and Separate Financial Statements with effect from 1 January 2006.

 

WG 22, Investments in Associates

(Chairman: Dr. Neoh Soon Kean; Project Manager: AP Tan Liong Tong)

WG 22 was responsible for developing MASB 12 Investments in Associates. This Standard prescribes the methods of accounting for investments in associates in an investor's consolidated financial statements as well as in its separate financial statements. This Standard was renamed FRS 1282004 with effect from 1 January 2005 and subsequently replaced by FRS 128 with effect from 1 January 2006.

 

WG 23, Financial Reporting of Interests in Joint Ventures

(Chairman: Dr. Nordin Mohd Zain; Project Manager: Dr. Nik Nazli Ahmad)

WG 23 was responsible for developing MASB 16 Financial Reporting of Interests in Joint Ventures. This Standard prescribes the appropriate treatments for interests in joint ventures and the reporting of joint ventures in the financial statements of venturers and investors. MASB 16 also provides guidance on the proper accounting treatment for transactions between a venturer and a joint venture. This Standard was renamed FRS 1312004 with effect from 1 January 2005 and subsequently replaced by FRS 131 Interests in Joint Ventures with effect from 1 January 2006.

 

WG 24, Financial Instruments: Disclosure and Presentation

(Chairman: Datuk Ranjit Singh; Project Manager: AP Dr. Susela Devi)

WG 24 was responsible for developing MASB 24 Financial Instruments: Disclosure and Presentation. This Standard prescribes certain requirements for presentation of on-balance sheet financial instruments and identifies the information that should be disclosed about on-balance sheet (recognised) and off-balance sheet unrecognised) financial instruments. This Standard was renamed FRS 1322004 with effect from 1 January 2005 and subsequently replaced by FRS 132 with effect from 1 January 2006.

 

WG 25, Earnings per Share

(Chairman: Datuk. Ranjit Singh; Project Manager: Mr. Sukanta Dutt)

WG 25 was responsible for developing MASB 13 Earnings per Share. This Standard prescribes principles for the determination and presentation of earnings per share which will improve performance comparisons among different entities in the same period and among different accounting periods for the same entity. The focus of this Standard is on the denominator of the earnings per share calculation. This Standard was renamed FRS 1332004 with effect from 1 January 2005 and subsequently replaced by FRS 133 with effect from 1 January 2006.

 

WG 26, Business Combinations

(Chairman: YM Raja Datuk Arshad Raja Tun Uda; Project Manager: AP Tan Liong Tong)

WG 26 was responsible for developing MASB 21 Business Combinations. This Standard specifies the financial reporting by an entity when it undertakes a business combination. This Standard was renamed FRS 1222004 with effect from 1 January 2005 and subsequently replaced by FRS 3 with effect from 1 January 2006.

 

WG 27, General Insurance Business

(Chairman: Mr. Ken Puspanathan; Project Manager: Mr. Jayarajan Rathinasamy)

WG 27 was responsible for developing MASB 17 General Insurance Business. This Standard addresses matters such as accounting for premium, reinsurance, claims, acquisition costs and investments. MASB 17 requires enhanced disclosures of matters that are specific to the general insurance business, for example, specific insurance related accounting policy disclosures, provision for outstanding claims, separate disclosure of reinsurance amounts, disclosure of the open-underwriting results and movements in the unearned premium reserve. This Standard was renamed FRS 2022004 with effect from 1 January 2005.

 

WG 28, Life Insurance Business

(Chairman: Mr. Ken Puspanathan; Project Manager: Ms. Chong Kooi Wah)

WG 28 was responsible for developing MASB 18 Life Insurance Business. This Standard prescribes the methods of accounting for premium, reinsurance, claims, acquisition costs and investments. MASB 18 introduces several changes that affect how and when premium should be recognised and at the same time, enhances disclosure requirements. This Standard was renamed FRS 2032004 with effect from 1 January 2005.

 

WG 29, Agriculture

(Chairman: Datuk Tong Poh Keow ; Project Manager: Dr. Foong Soon Yau)

WG 29 was responsible for issuing MASB ED 50 Agriculture. The comment period closed on 31 March 2006. MASB ED 50 deals with the accounting treatment, financial statement presentation and disclosures related to agricultural activity.

 

WG 30, Goodwill and Intangible Assets

(Chairman: Mr. Tony Seah Cheoh Wah; Project Manager: Mr. Woon Chin Chan)

WG 30 was responsible for developing FRS 138 Intangible Assets. This Standard prescribes the accounting practices for intangible assets that are not dealt with specifically in another Standard. WG 30 was also responsible for developing MASB ED 28 Goodwill. The exposure draft addresses the accounting treatment for purchased goodwill (positive and negative) as well as internally generated goodwill and subsequent changes in the costs of acquisitions and identification of assets and liabilities that affect goodwill. The MASB in its December 2002 meeting decided that similar to the IASB's approach, goodwill would be combined into the Business Combinations Standard and hence, will be deliberated under WG 50, which was responsible for Business Combinations and Goodwill.

 

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