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MASB exposes proposed revised standard for related party disclosures (30 April 2010)

The Malaysian Accounting Standards Board (MASB) today announced the issuance of Exposure Draft 73 Related Party Disclosures (ED73) which is word for word the revised IAS 24 Related Party Disclosures issued by the International Accounting Standards Board (IASB) in November 2009.

ED73 proposes to simplify the definition of a related party, clarify its intended meaning and eliminate inconsistencies from the definition. The Exposure Draft also proposed a partial exemption from disclosures for government-related entities. It requires disclosure of related party transactions between government-related entities only if the transactions are individually or collectively significant.

Interested parties, including the business communities, are encouraged to study the Exposure Draft and provide feedback to MASB.

The exposure period expires on 31 May 2010. The Exposure draft is available on MASB website at http://www.masb.org.my. The public is encouraged to provide their comments electronically through ED Online on our website. Alternatively, copies of the exposure draft is available free of charge from MASB office.


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For enquiries, please contact:

Malaysian Accounting Standards Board

Wisma UOA Pantai

Suites 5.2, Level 5

No. 11, Jalan Pantai Jaya

59200 Kuala Lumpur

Tel: 03-2240 9200

Fax: 03-2240 9300

Email: masb@masb.org.my