Entities Other Than Private Entities shall apply the MFRS framework for annual periods beginning on or after 1 January 2012, with the exception of entities that are permitted in the alternative to apply the Financial Reporting Standards (FRS) framework.
Pursuant to the MASB Notice issued on 28 October 2015 entitled ‘Amendment to the effective date and applicability of the Malaysian Financial Reporting Standards’, entities that have in the alternative chosen to apply FRSs shall comply with MFRSs for annual periods beginning on or after 1 January 2018. Early application of the MFRS framework is permitted.
Withdrawal of FRSs
The FRSs shall be withdrawn for application for financial statements with annual periods beginning on or after 1 January 2018.
For more information please refer to the following MASB Notices:
The MFRS can be accessed at the following links
The FRS can be accessed at the following links
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