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Working Group 31 - 40

WG 31, Property Development Activities

(Chairman: Dr. Nordin Mohd Zain; Project Manager: MASB Secretariat)

WG 31 was responsible for developing MASB 32 Property Development Activities . This Standard prescribes the use of the percentage-of-completion method to recognise revenue and costs of property development projects and disallows the recognition of profit where the outcome of a development project cannot be reliably estimated. This Standard was renamed FRS 2012004 with effect from 1 January 2005. WG 31 also reviewed IASB's IFRIC 15 Agreements for the Construction of Real Estate which clarifies how to determine whether an agreement for the construction of real estate is a construction contract within the scope of IAS 11.

 

WG 32, Disclosures in the Financial Statements of Banks and Similar Financial Institutions

(Chairman: Encik Azizan Abdul Rahman; Project Manager: Mr. Seow Yoo Lin)

WG 32 was set up to develop an accounting standard on "Disclosures in the Financial Statements of Banks and Similar Financial Institutions". The objective of the working group was to develop a disclosure Standard, based upon IAS 30, for financial institutions and also to be in line with the relevant BNM Guidelines. IAS 30 has been superseded by IFRS 7 Financial Instruments: Disclosures and the project for this working group is being replaced by WG 57, which is currently considering IFRS 7 to be issued as an exposure draft in Malaysia.

 

WG 33, Financial Reporting by Unit Trust

(Chairman: Dato' Zainal Abidin Putih; Project Manager: AP Tan Liong Tong)

WG 33 was responsible for developing MASB ED 26 Financial Reporting by Unit Trust. The MASB ED 26, when finalised as a MASB Standard, will put in place for the first time in Malaysia a standard covering financial reporting by unit trusts. The objective of the proposed Standard is to specify the manner of accounting and the required disclosure relating to the investment activities of the unit trust fund so that report users are provided with information about the financial position and performance of the fund.

 

WG 35, Share Buybacks - Accounting and Disclosures

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

WG 35 was responsible for developing MASB TR1 Share Buybacks - Accounting and Disclosures . This technical release sets out the accounting methods for share buybacks by public listed companies and prescribes the use of either the treasury stock method, the share retirement method or a combination of both methods.

 

WG 36, Islamic Financial Reporting

(Chairman: Dato' Mohammad Faiz Azmi; Project Manager: Puan Mas Sukmawati Abu Bakar)

MASB approved accounting standards apply to Islamic transactions undertaken by entities under the purview of the Financial Reporting Act 1997. However, the International Financial Reporting Standards (IFRS) adopted as MASB approved accounting standards may not have specifically considered Islamic financial transactions in arriving at its conclusions.  In view of this, WG36 has been given the responsibility of advising the Board on the appropriateness of proposed and existing IFRS to Islamic financial transactions and to make the necessary recommendations thereon.

 

WG 38, The Year 2000 Issue: Accounting and Disclosures

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

WG 38 was responsible for developing MASB TR 2 The Year 2000 Issue: Accounting and Disclosure. This technical release addresses accounting for costs of modifying computer hardware and software to achieve Year 2000 compliance, revenue and loss recognition principles, possible impairment issue and disclosure of the Year 2000 compliance.

 

WG 39, Interim Financial Reporting

(Chairman: Datuk Ranjit Singh; Project Manager: Ms. Hoh Kim Hyan)

WG 39 was responsible for developing MASB 26 Interim Financial Reporting. This Standard prescribes the minimum content of an interim financial report as well as the principles for recognition and measurement in complete or condensed financial statements for an interim period. MASB 26 applies if the entity is required or elects to publish an interim financial report in accordance with MASB standards. This Standard was renamed FRS 1342004 with effect from 1 January 2005.

 

WG 40, Discontinuing Operations

(Chairman: Encik Ahmad Mustapha Ghazali; Project Manager: Ms. Josephine Edward)

WG 40 was responsible for developing MASB 28 Discontinuing Operations. This Standard prescribes the principles for reporting information about discontinuing operations, thereby enhancing the ability of users of financial statements to make projections of an entity's cash flows, earnings-generating capacity, and financial position by segregating information about discontinuing operations from information about continuing operations. The Standard was renamed FRS 135 2004 with effect from 1 January 2005 and subsequently replaced by FRS 5 Non-current Assets Held for Sale and Discontinued Operations with effect from 1 January 2006.

 

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