Malaysian GAAP will converge with IFRSs by 2012
05 Aug 2008
The Malaysian Financial Reporting Foundation and Malaysian Accounting Standards Board have issued a statement about their plans to bring Malaysian GAAP into 'full convergence with International Financial Reporting Standards' by 1 January 2012. To facilitate a phased changeover to IFRSs, the effective date for applying FRS 139 Financial Instruments: Recognition and Measurement (Malaysia's equivalent of IAS 39) will be 1 January 2010. By 2012, all approved accounting standards applicable to publicly listed companies, their subsidiaries, and other publicly accountable entities will converge fully with IFRSs.