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Malaysian GAAP will converge with IFRSs by 2012

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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.

Private entities in Malaysia that are currently applying Malaysia's Private Entity Reporting Standards will be permitted to continue to do so. Non-Malaysian companies listed on the Malaysian Stock Exchange are currently permitted to use IFRSs, and the three such companies do use IFRSs. Click for Press Release (PDF 40k).

 

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