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MASB publishes proposed amendments to FRS 1 (19 January 2010)

The Malaysian Accounting Standards Board (MASB) today published ED 71 Additional Exemptions for First-time Adopter (Amendments to FRS 1).

ED 71 is word-for-word to that issued by the International Accounting Standards Board (IASB). The amendments are aimed at ensuring that entities applying FRSs will not face undue cost or effort in the transition process for two situations.
 
Firstly, amendments exempt entities using the full cost method from retrospective application of FRSs for oil and gas assets. Secondly, it exempts entities with existing leasing contracts from reassessing the classification of those contracts in accordance with [draft] IC Interpretation 4 Determining whether an Arrangement contains a Lease when the application of accounting requirements produced the same result.
 
Interested parties, including the business communities, are encouraged to study the Exposure Draft and provide feedback to MASB.
 
The exposure period expires on 19 February 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