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July 3, 2012

Malaysia defers IFRS for certain industry sectors

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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