Deprecated: Assigning the return value of new by reference is deprecated in /home/masborgm/public_html/hpages.php on line 35
Status of Issues Submitted to the MFRS Application and Implementation Committee (MAIC)-MASB

Status of Issues Submitted to the MFRS Application and Implementation Committee (MAIC)


This section contains status of issues submitted to the MFRS Application and Implementation Committee (MAIC) for its consideration.

  Description of Issue Date submitted Date completed/closed Status
1. Accounting for public infrastructure costs associated with property development 28 January 2019 30 January 2019 Completed - Q&A
2. Accounting for affordable housing losses associated with property development 28 January 2019 30 January 2019 Completed - Q&A
3. Fair Value of Agricultural Produce Growing on Bearer Plants − Oil Palm Bunches 1 March 2019 23 July 2019 Closed
4. Accounting for Restricted Investment Account ("RA") 1 March 2019 23 July 2019 Closed
5. Presentation of income and expenses from Islamic banking operations in the consolidated statement of income of the holding company financial statements 1 March 2019 24 February 2020 Closed
6. Accounting treatment for cancellation of treasury shares under the Companies Act 2016  1 March 2019 30 December 2019 Completed - MAIG 1
7. Scoping for loans from parent to subsidiary without written terms (i.e. no interest and no fixed repayment terms) 1 March 2019 23 July 2019 Closed
8. Presentation and disclosure of assets owned by Islamic financial institutions under Ijarah financing contract  1 March 2019 13 December 2019 Closed
9. Acquisition of additional stake in a joint venture without change in control 3 October 2019 5 May 2020 Closed
10. Recognition of deferred tax arising from notional purchase price allocation exercise of investment in an associate applying equity method 25 October 2019  2 July 2020 Closed
11. Computation of recoverable amount based on the value-in-use method of cash generating unit 27 October 2019 24 February 2020 Closed
12. Classification by the borrower of a term loan that contains a repayment on demand clause 13 December 2019 16 December 2022

(MAIG 2 was first issued on 2 July 2020)
Completed - MAIG 2
(Updated)
13. Computation of share of associate profit for interim financial reporting 11 February 2020 24 February 2020 Closed
14. Preparation of consolidated financial statements for a group which had disposed of its only subsidiary during the financial year 24 April 2020 5 May 2021 Completed - MAIG 3
15. Accounting treatment for monies received from investors and paid to trustee for purchase of units or received from trustee and paid to investors for redemption of units of unit trust fund (“collection account”) 20 March 2020 3 November 2021 Closed
16. Classification of consumers’ security deposits as current liability or non-current liability 27 May 2021 20 August 2021 Closed
17. Appropriate exchange rate used for the computation of dividends declared during the year where the company’s presentation currency is Ringgit Malaysia, but its functional currency is other than Ringgit Malaysia 30 June 2021 22 March 2022 Closed
18. Computation of percentage of completion using input method at holding company level and group level 13 September 2021 26 August 2022 Closed
19. Basis of preparation of financial statements for a dormant company with intention of recommence operations in the foreseeable future 5 July 2022 26 August 2022 Closed
20. Classification of property, plant and equipment as current for a company that has ceased operation during the financial year with the intention to recommence operations in the near future and has prepared its financial statements on a basis other than on a going concern 5 July 2022 9 March 2023 Closed
21. Basis of preparation of financial statements for a fixed income bearing close-ended fund that automatically wound-up upon maturity of the fund 5 July 2022 6 June 2023 Closed
22. Determination of Announced Tax Rate as Substantively Enacted for Measurement of Deferred Tax Assets and Liabilities 9 March 2023 30 October 2023

Completed -MAIG 4

23. Accounting treatment for Capital Contribution Fund under MFRS 15 for water utility 28 March 2023 26 October 2023

Closed

24. Assertion of compliance with “IFRSs” vs “IFRS Accounting Standards” 30 November 2023 14 June 2024

Closed

25. Accounting treatment for revenue recognised previously for a terminated contract resulted from defaulted payment by a cash buyer 10 June 2024 8 August 2024

Closed


Note:

a.    In progress – Issue still under consideration and deliberation.

b.   Completed – Issue considered and education material published.

c.   Closed – Issue considered and recommended to be closed with no further guidance required. Please click here for basis of closing an issue.