Financial Reporting
Publications by Mazars regarding the latest development in accounting and financial reporting for private and public entities in Malaysia and globally.
IFRS 13 - Q & A
IFRS 13 "Fair Value Measurement".
Key points of the new standard in 40 questions and answers
The standard IFRS 13 "Fair Value Measurement" was published by the IASB in May 2011. As far as the IASB is concerned, application will be mandatory to current reporting periods as 1 January 2013. Early application is authorised.
The Application of IFRS 13 by the European entities is subject to its endorsement by the European Union.
Key points of the new standard in 40 questions and answers
The standard IFRS 13 "Fair Value Measurement" was published by the IASB in May 2011. As far as the IASB is concerned, application will be mandatory to current reporting periods as 1 January 2013. Early application is authorised.
The Application of IFRS 13 by the European entities is subject to its endorsement by the European Union.
IFRS 9 Financial Instruments An Overview (March 2015)
IFRS 9 ‘Financial Instruments’, which is effective for annual periods beginning on or after 1 January 2018, is a single integrated standard for financial instruments. This Standard sets out the requirements for the classification and measurement of financial assets and liabilities, the impairment of financial assets and hedge accounting.
Mazars Benchmark Study - Application of the standards on consolidation (IFRS 10, IFRS 11 and IFRS 12)
The ‘consolidation package’ published by the IASB in May 2011 (together with amendments to the transition requirements published in June 2012) became mandatory for annual periods beginning on or after 1 January 2013. Malaysian companies had applied the equivalent versions of MFRSs or FRSs effective on the same date. The mandatory effective date for European issuers is one year later than that set by the IASB.
Mazars analysed the IFRS financial statements published by selected European corporations for the year ended 31 December 2013, to assess the impact of the application of IFRS 10 and IFRS 11 on the financial statements.
Mazars analysed the IFRS financial statements published by selected European corporations for the year ended 31 December 2013, to assess the impact of the application of IFRS 10 and IFRS 11 on the financial statements.
New Standard on Revenue Recognition
IFRS 15 Revenue from Contracts with Customers
The IASB and FASB have jointly issued a long-awaited standard on revenue recognition, IFRS 15 Revenue from Contracts with Customers, in May 2014.
"An entity recognises revenue to 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."
The application of IFRS 15 needs a change in mindset of the accounting community and stakeholders.
Management needs to evaluate the impact of IFRS 15 on their revenue recognition policy which may affect the business processes.
The IASB and FASB have jointly issued a long-awaited standard on revenue recognition, IFRS 15 Revenue from Contracts with Customers, in May 2014.
"An entity recognises revenue to 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."
The application of IFRS 15 needs a change in mindset of the accounting community and stakeholders.
Management needs to evaluate the impact of IFRS 15 on their revenue recognition policy which may affect the business processes.
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