The Malaysian Accounting Standards Board
(MASB) has issued an exposure draft for the adoption of IFRS for
SMEs.
The MASB’s are in favor of adopting IFRS for
SMEs in order to provide improved comparability for users of
accounts, enhance the overall confidence in the accounts of SMEs
and reduce the significant costs involved of maintaining standards
on a national basis.
The MASB also believes IFRS for SMEs will
provide a platform for growing businesses that are preparing to
enter public capital markets, where the application of full
Malaysian FRSs is required.
In Malaysia, there are two financial reporting
frameworks – non-private entities are required to apply Financial
Reporting Standards (FRSs) while private entities have the option
to apply either FRSs or Private Entity Reporting Standards
(PERSs).
The MASB is seeking feedback on the proposals
until the end of September.
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