Category: Accounting

MASB issues Clarifications to the new Revenue Standard (16 June 2016)

MASB issues Clarifications to the new Revenue Standard (16 June 2016)
The Malaysian Accounting Standards Board (MASB) has today issued Clarifications to MFRS 15 Revenue from Contracts with Customers (the Amendments). The Amendments is word-for-word Clarifications to IFRS 15 as issued by the International Accounting Standards Board (IASB). The Amendments is effective for annual periods beginning on or after 1 January 2018 and early application is permitted.

The Amendments clarifies how certain principles should be applied in:

a)     identifying whether performance obligations are distinct;

b)     determining whether an entity is a principal or an agent; and

c)     assessing whether revenue from a licence of intellectual property is recognised over time or at a point in time.

 

 

MASB Approved Accounting Standards for Private Entities

MASB Approved Accounting Standards for Private Entities
Private entities shall comply with either:

  1. Malaysian Private Entities Reporting Standard (MPERS) in their entirety for financial statements with annual periods beginning on or after 1 January 2016; or
  2. Malaysian Financial Reporting Standards (MFRS) in their entirety.