logo

 

Working Group 41 - 50

WG 41, Impairment of Assets

(Chairman: Y.Bhg. Datuk Oh Chong Peng;Project Manager: Ms. Josephine Edward)

WG 41 was responsible for developing MASB 23 Impairment of Assets. This Standard prescribes the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable amount. The fundamental requirement of MASB 23 is that an impairment loss should be recognised whenever the carrying amount of an asset exceeds its recoverable amount. It also sets out the criteria as to when and to what extent an impairment loss should be reversed.

WG 41 was also responsible for developing FRS 136 Impairment of Assets. This Standard covers a limited revision to MASB 23 and provides additional guidance on selected matters, such frequency of impairment testing, allocating goodwill to cash-generating units and clarifies the element that need to be reflected in the calculation of an asset's value in use in assessing the recoverable amount of an asset.

 

WG 43, Financial Reporting Needs of Developing Countries/Economies in Transition

(Chairman: Mr. Tony Seah Cheoh Wah; Project Manager: AP Dr. Susela Devi)

WG 43 was set up to discuss issues relating to the financial reporting needs of developing contries/ economies in transition. The project for this working group was replaced by WG54, Financial Reporting by Small and Medium Entities (SME).

 

WG 44, Financial Instruments: Recognition and Measurement

(Chairman: Dr. R. Thillainathan; Project Manager: Encik Rashdan Yusuf)

WG 44 was responsible for developing FRS 139 Financial Instruments: Recognition and Measurement. This Standard establishes principles for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items and provides guidance on matters such as derecognition, when financial assets and financial liabilities may be measured at fair value, how to assess impairment, how to determine fair value and some aspects of hedge accounting.

WG 44 was also responsible for issuing FRS 132 Financial Instruments: Disclosure and Presentation. This Standard covers a limited revision to MASB 24 and provides additional guidance on selected matters, such as the measurement of the components of a compound financial instrument and the classification of financial instruments.

 

WG 45, Translation of MASB Standards into Bahasa Melayu version

(Chairperson: Professor Dr. Takiah Mohd. Iskandar; Project Manager: Encik Mohd. Ishak Ibrahim)

WG 45, formed in August 2000, was set up to translate MASB Approved Accounting Standards into Bahasa Melayu version.

 

WG 46, Harmonisation of Companies Act 1965 with MASB Standards

(Co-Chairman: Encik Nik Mohd Hasyudeen Yusoff; Co-Chairperson: Puan Zahrah Abd. Wahab Fenner; Project Manager: Ms. Katharene Expedite)

WG 46 was set up to review, analyse and harmonise the provisions of the Companies Act 1965 with that of the approved accounting standards issued by the MASB. Uniformity between the two is important so as to avoid confusion in its application and compliance. The working group completed its review of the accounting provisions contained in the Companies Act 1965. The Board concurred with the working group proposals and has submitted its recommendation to the SSM for their consideration.

 

WG 47, Accounting for Extractive Industries

(Chairman: Encik Mohammed Rashdan Yusof; Project Manager: Datuk Johan Idris)

WG 47 was responsible for developing FRS 6 Exploration for and Evaluation of Mineral Resources. This Standard deals with exploration for and evaluation of mineral resources, an important economic sector in the country, and seeks to increase transparency by requiring improved disclosures for exploration and evaluation assets.

 

WG 48, Accounting for Government Grants and Disclosure of Government Assistance

(Chairperson: Y.Bhg. Datuk Siti Maslamah Osman; Project Manager: Mr. Danny Tan Boon Wooi)

WG 48 was responsible for developing MASB 31 Accounting for Government Grants and Disclosure of Government Assistance. This Standard prescribes the accounting treatment for government grants and the related disclosures of government grants and other forms of government assistance. This Standard was renamed FRS 1202004 with effect from 1 January 2005.

 

WG 49, Share-based Payment

(Chairman: Y.Bhg. Datuk Oh Chong Peng; Project Manager: Mr. Woon Chin Chan)

WG 49 was responsible for developing FRS 2 Share-based Payment. This Standard prescribes the financial reporting requirements by an entity when it undertakes a share-based payment transaction and it requires an entity to reflect in its profit or loss and financial position the effects of share-based payment transactions, including expenses associated with transactions in which share options are granted to employess. WG 49 subsequently issued Amendment to FRS 2: Vesting Conditions and Cancellations to clarify that vesting conditions are service conditions and performance conditions only and do not include other features of a share-based payment; also the amendments clarify that cancellations by parties other than the entity are to be treated in the same way as cancellations by the entity.

 

WG 50, Business Combinations and Goodwill

Chairman: Datuk Tong Poh Keow; Project Manager: Mr. James Chan)

WG 50 was responsible for developing FRS 3 Business Combinations. This Standard prescribes the financial reporting requirements by an entity when it undertakes a business combination and it specifies that all business combinations should be accounted for by applying the purchase method. Therefore, the acquirer recognises the acquiree's identifiable assets, liabilities and contingent liabilities at their fair values at the acquisition date, and also recognises goodwill, which is subsequently tested for impairment rather than amortised. WG 50 is currently reviewing IFRS 3 (revised) issued by the IASB in 2008.

 

Page :«    3 4 5 6 7    »