UKAF1083: The MASB had on 17 November 2011 announced and confirmed that Malaysia will converge with IFRS by 1 January 2012: Financial Accounting II Assignment, UTAR, Malaysia
| University | Universiti Tunku Abdul Rahman (UTAR) |
| Subject | UKAF1083: Financial Accounting II |
The MASB had on 17 November 2011 announced and confirmed that Malaysia will converge with IFRS by 1 January 2012 and issued a new Malaysian Financial Reporting Standards (MFRS) framework that is effective from 1 January 2012.
The next question you may be asking is, what are the key differences between the existing Financial Reporting Standards (FRS) and the new MFRS?
A summary of major differences between FRS and IFRS prepared by the staff of MASB is published on the MASB website under ‘Transition to 2012’, of which the summary is to highlight high-level and major differences and those are the views of the MASB staff only. Broadly, the differences are editorial, additional requirements, disclosure, and transitional provision.
In fact, there could be more detailed gap differences than those summary provided by the MASB staff and there are some transitional issues under MFRS 1, First-time adoption of MFRS.
All companies that will be affected by the IFRS convergence are advised to commence their detailed gap analysis and assessment and analyze the impact of applying MFRS 1 when preparing their first quarter announcement and annual MFRS financial statements. Engage and consult with the accounting consultants and auditors where necessary to avoid uncovering significant gap differences and no last-minute surprises.
Stuck in Completing this Assignment and feeling stressed ? Take our Private Writing Services.
Get Help By Expert
Need reliable finance assignment help for your Financial Accounting II assignment at Universiti Tunku Abdul Rahman (UTAR)? Malaysia Assignment Help is your one-stop solution! With a team of proficient Malaysian assignment helpers, we provide top-notch assistance to ensure your academic success. Our experts will deliver a meticulously researched and well-written assignment that meets the highest standards. Trust us to meet your deadlines and exceed your expectations. Contact us now!
Recent Solved Questions
- Based on the works of any two authors you have read, discuss the portrayal of the social outcast or solitary figure and demonstrate: Bachelor of Arts Assignment, UM, Malaysia
- ACW410: The airport is a publicly listed company that renders airport-related services in a Southeast Asian Country: Integrated Case Study, USM, Malaysia
- Identified a suitable topic or subject area within the domain of computer science or subject areas that have been covered: Information Security Assignment, TU, Malaysia
- Discuss a cheque as one of the negotiable instruments, its relevancy in the modern banking industry: Business Law Essay, TU, Malaysia
- How would you spend your last day if you knew you had only one more day to live? Life is so unpredictable and at times: English Coursework, UOM, Malaysia
- Is Vitrox a growth or value company/ stock? Explain the characteristics, why is it so, find data from the annual report: Investment Analysis and Portfolio Management Assignment, UNM, Malaysia
- MGT555: Performance Lawn Equipment (PLE), headquartered in St.Louis, Missouri, is a privately owned designer and producer: Business Analytics Assignment, UiTM, Malaysia
- BDAU2103: How do law and rule differ? Explain using relevant examples. What is the relationship between law and justice: Elements of Law Assignment, OUM, Malaysia
- Critically discuss pertaining to the FIVE (5) important viewpoints on what makes a Good Project Manager to decide on the above matter: Procurement Management Case Study, TARC, Malaysia
- BBPW3103: Select any THREE companies listed in the telecommunication and media sector, on the Main Market of Bursa Malaysia: Financial Management 1, OUM, Malaysia
