Financial Reporting
Publications by Mazars regarding the latest development in accounting and financial reporting for private and public entities in Malaysia and globally.
IFRS for SMEs Accounting Standard
The International Accounting Standards Board (“IASB”) has issued the third edition of the IFRS for SMEs Accounting Standard (“Standard”) in February 2025, after concluding its second comprehensive review. The IASB aimed to update the Standard to reflect improvements that have been made to the IFRS Accounting Standards while maintaining simplicity.
Financial Statements Presentation & Disclosures 31 December 2024
The illustrative financial statements are general purpose financial statements prepared in accordance with MFRS Accounting Standards issued by the Malaysian Accounting Standards Board and IFRS® Accounting Standards issued by the International Accounting Standards Board.
Overview of IFRS 18
At present, the IFRS 18 project is at the Exposure Draft stage. It is expected to be finalised and officially published in April 2024. The proposed IFRS 18 will set out requirements on presentation and disclosures in financial statements and will replace IAS 1 Presentation of Financial Statements.
Amendments to IAS 12 / MFRS 112 / IFRS for SMEs / MPERS
The Organisation for Economic Co-operation and Development (OECD) has published the Pillar Two model rules in 2021 to address the tax challenges arising from the digitalisation of the global economy.
IFRS for Financial instruments
Mazars latest IFRS Insight addresses the accounting for financial instruments under IFRS. It draws on several relevant IFRS standards to tackle, in one handbook, the entire range of challenges related to financial instruments among which: recognition and derecognition, classification and measurement, impairment for credit risk, derivatives and hedging, and related disclosures. It includes all the new requirements introduced by IFRS 9 and the related amendments to other standards such as IFRS 7.
IFRS 15: An overview of the new principles of revenue recognition
The core principle of IFRS 15 is that revenue recognition must depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
IFRS 15: The 10 key points for Industrial entities with Long-Term Contracts
IFRS 15 will be applicable to periods beginning on or after 1 January 2018, with a requirement to present comparative information from 2017 at least. Endorsement by the European Union is expected during the second quarter of 2016. Early application will then be possible.
IFRS 15 - Construction, civil engineering and real estate development industries
Businesses in the construction, civil engineering and real estate development industries are about to face the implementation of a major standard incorporating the new principles of revenue recognition: IFRS 15. Could IFRS 15 therefore call into question the recognition of revenue according to the stage of completion, or lead to a change in the pattern at which revenue and/or the margin is recognised?
IFRS 16 - Overview of leases
In January 2016, the IASB published IFRS 16, its new accounting standard on leases. This signals the end of a major and often controversial project, which aimed to provide a more faithful representation of leases in IFRS financial statements.
Mazars Model Financial Statements (MPERS) 2016
This publication provides a set of illustrative financial statements of a fictitious company, Mazars SME Sdn Bhd, for the financial year ending 31 December 2016 prepared according to the Malaysian Private Entities Reporting Standard (MPERS) issued by the Malaysian Accounting Standards Board. MPERS may be applied by private entities effective for the annual financial periods beginning on or after 1 January 2016.
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