MASB issues IFRS compliance framework

The Malaysian Accounting Standards Board
(MASB) has issued an IFRS compliance exposure draft, reaffirming
its plan to fully converge with IFRS on 1 January 2012.

MASB exposure draft 75
contains IFRS-compliant Malaysian Financial Reporting
Standards (FRS).

When finalised, the standards contained in the
draft will result in the Malaysian financial reporting framework
being recognised as an IFRS-compliant financial reporting
framework, the MASB said.

MASB chairman Encik Mohammad Faiz Azmi said
that accounting professionals and non-private entities are advised
not to delay their preparations to converge with IFRS.

“Non-private entities should have already
developed and implemented its formal transition plan. On an
individual level, all accounting professionals must make a personal
commitment to be conversant with the new IFRS-compliant framework,”
he added.