WG 51 Improvements Project

Chairman: Mr. Andy Lee Kong Weng; Project Manager: MASB Secretariat

WG 51 was responsible for the review of twelve MASB Approved Accounting Standards under the improvements project in line with MASB's convergence policy with IASB's standards in 2005.

WG 51 is also responsible for reviewing IASB's Annual Improvements and Amendments to IFRS Projects. The IASB decided to initiate an annual improvements project in 2007 as a method of making necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project.  IASB objective was to ease the burden for all concerned by presenting the amendments in a single document rather than a series of piecemeal changes.  The amendments involved accounting changes for presentation, recognition and measurement purposes and those involving terminology or editorial changes with minimal effect on accounting.