Gap Analysis: Malagasy Accounting Standards
(MAS) vs IFRS
1. Statement of Financial Position (Balance Sheet)
IFRS
Key Differ
eciation; revaluation generally not permitted.
IAS 16 allows either cost model or revaluation model.
IFRS offers
ly generated intangibles usually expensed.
IAS 38 permits capitalization of development costs meeting specific criteria.
MAS more
hed based on legal form.
IFRS 16 recognizes most leases on balance sheet.
MAS under
2. Statement of Comprehensive Income
IFRS
Key D
n earned and invoiced; less emphasis on control.
IFRS 15 uses a 5-step model based on transfer of control.
MAS
n realized.
IAS 21 requires recognition of both realized and unrealized FX gains/losses.
IFRS
3. Statement of Changes in Equity
assification (legal, statutory, revaluation).
IFRS
Key Differences / Ga
IFRS includes multiple reserves (FVOCI, currency translation, etc.).
IFRS provides more d
4. Statement of Cash Flows
AS
IFRS
Key Differences / Gaps
tional; if prepared, uses indirect method.
IAS 7 requires cash flow statement as a primary statement.
MAS often omits cash flow sta
5. Notes to the Financial Statements
ptive, limited narrative disclosure.
IFRS
Key Differences / Gaps
IFRS requires extensive qualitative and quantitative disclosures.
MAS disclosures generally insuf