MASB EXTENDS TRANSITIONAL PERIOD FOR TRANSITIONING ENTITIES The Malaysian Accounting Standards Board (“MASB”) has, on 7 August 2013, announced to allow entities that are within the scope of MFRS 141 Agriculture and/or IC Interpretation 15 Agreements for Construction of Real Estate, including its parent, significant investor and venturer (“Transitioning Entities”), to defer the adoption of the Malaysian Financial Reporting Standards (“MFRS”) Framework for an additional one year. Consequently, adoption of the MFRS Framework by Transitioning Entities will be mandatory for annual periods beginning on or after 1 January 2015 in light of the latest status of the International Accounting Standards Board’s (“IASB”) work plan on the two transitional issues that have yet to be resolved.
Posted on: Sun, 25 Aug 2013 08:09:10 +0000
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