The Malaysian Financial Reporting Standards (MFRS) Framework which came into effect from 1 January 2012, is an IFRS-compliant framework that enhances credibility and transparency of the financial reporting regime in Malaysia, enabling Malaysian companies moving towards the same level playing field in the international arena.
All non-private entities in Malaysia except for Transitioning Entities have to apply the MFRS Framework issued by the Malaysian Accounting Standards Board (MASB). As we are coming to the end of the second year of the MFRS Framework, the MASB conducted a Post Implementation Survey on the MFRS Framework as part of its effort to understand the issues and challenges surrounding MFRS implementation. The Survey which was addressed to the Audit Committee chairman of Public Listed Companies (PLCs), aimed to solicit feedback on:
- The concerns and implementation issues of the new MFRS Framework.
- Initiatives that MASB could undertake in ensuring continuous smooth implementation of the MFRS Framework.
The survey period ended on 30 September 2013.
A total of 80 responses were received and based on the feedback, please click here for a summary data of the:
- measures taken by the PLCs in transitioning from the FRS to the MFRS Framework;
- initiatives taken to address the dynamic requirements of MFRSs;
- challenges encountered during the implementation of the MFRS Framework;
- actions taken by Audit Committee Chairman to address the issues identified; and
- participation in MASB outreach meetings and suggestions on MFRS initiatives.
Profile of respondents
While the Board is cognisant that the number of responses received may not be representative of the total population of public listed companies, the responses have provided some form of indication of the efforts undertaken and the extent of challenges encountered in implementing MFRSs.