The Malaysian Accounting Standards Board
(MASB) has decided to allow agricultural and real estate companies
in the country to defer adoption of IFRS for another year.
Those companies will now be required to adopt
the Malaysian Financial Reporting Standards, fully compliant with
IFRS, starting 1 January 2014.
The MASB said the deferral comes as the
International Accounting Standards Board is expected to delay the
revenue recognition project and beginning its project on
agriculture.
“The board believes extending the transitional
period for another year will avoid the possibility of repetitive
substantial restatement in the financial statements in the event
the revisions to the new revenue recognition standard or the
potential amendments to IAS 41 do finally occur as currently
anticipated by the board,” the MASB said.
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