A snapshot of the latest development in technical news on auditing and accounting issues. Our Technical
News Update section is divided into 3 sections.
Section 1 is of particular interest to SMEs and SMPs.
Section 2 focuses on MFRS, FRS and IFRS.
Section 3 includes other technical news and updates.
Technical News from the Malaysian Accounting Standards Board (“MASB”)
MASB issues a new financial framework for private entities, namely the Malaysian Private Entities Reporting Standard
(“MPERS”)
All private entities shall apply the MPERS in respect of their financial statements for reporting periods beginning on or after 1 January 2016. Earlier
application is permitted.
The MPERS is closely aligned with IFRS for SMEs issued by the International Accounting Standards Board (“IASB”) in July 2009.
Technical News from the Malaysian
Accounting Standards Board (“MASB”)
MASB Issues Amendments to Standards
The following pronouncements were issued:
Malaysian Financial Reporting Standards (MFRSs)
MFRS 9 Financial Instruments (Hedge Accounting and amendments to MFRS 9, MFRS 7 and MFRS 139)
The above amendments are to be applied for annual periods beginning
on or after 1 July 2014. Earlier application is permitted.
For more information on the above technical news, please visit
http://www.masb.org.my.
Technical News from the Financial Reporting Standards Implementation Committee
(‘FRSIC’)
Defined Benefit Plans: Employee Contributions (Amendments to
MFRS 119)
FRSIC Consensus 21 “Determination of substantively enacted
tax rate in measuring deferred tax assets and liabilities”
Amendments to MFRSs contained in the document entitled
“Annual Improvements to MFRSs 2010-2012 Cycle”
This consensus provides clarification the appropriate tax rate(s) that has
the substantive effect of actual enactment for the purpose of measuring
deferred tax assets and liabilities in Malaysia.
Amendments to MFRSs contained in the document entitled
“Annual Improvements to MFRSs 2011-2013 Cycle”
The above amendments are to be applied for annual periods beginning on or after 1 July 2014. Earlier application is permitted.
Financial Reporting Standards (FRSs)
FRS 9 Financial Instruments (Hedge Accounting and amendments to FRS 9, FRS 7 and FRS 139)
For more information on the above technical news, please visit
http://www.frsic.my/consensus_consensus.asp.
Technical News from the International
Accounting Standard Board (“IASB”)
Public Consultation on Post-Implementation Review of IFRS 3
Defined Benefit Plans: Employee Contributions (Amendments to
FRS 119)
The IASB seeks feedback on the implementation of its Business Combinations Standard to learn about whether it is working as intended.
Amendments to FRSs contained in the document entitled “Annual
Improvements to FRSs 2010-2012 Cycle”
It is open for public consultation until 30 May 2014.
Interim Standard on Rate-Regulated Activities
The aim of issuing this interim Standard, IFRS 14 Regulatory Deferral Accounts is to enhance the comparability of financial reporting by entities that
are engaged in rate-regulated activities.
IFRS 14 is effective from 1 January 2016, with early application permitted.
For more information on the above technical news, please visit http://www.ifrs.org/Home.htm
Technical News from the IRBM
Monthly tax deduction 2014 schedule
The Monthly Tax Deduction (MTD) 2014 will replace the MTD 2013 Schedule with immediate effect.
In order to assist employers to adjust to the new schedule, the IRBM gives special consideration to use this schedule starting from 1 March 2014. It
only applies to employers who are not using the Computerised Payroll System in deducting their employees’ monthly tax deduction.
For more information on the above technical news, please visit http://www.hasil.gov.my.