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Malaysia proposes to adopt IFRS for SMEs

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  • IFRS for SMEs (mid blue) Image

17 Apr 2010

The Malaysian Accounting Standards Board (MASB) has issued an exposure draft (ED 72 Financial Reporting Standard for Small and Medium-sized Entities) that is identical to the IFRS for SMEs.

MASB's objectives in adopting the IFRS for SMEs are:
  • provide improved comparability for users of accounts
  • enhance the overall confidence in the accounts of SMEs
  • reduce the significant costs involved of maintaining standards on a national basis
  • provide a platform for growing businesses that are preparing to enter public capital markets, where application of full Malaysian FRSs (soon to be fully converged with IFRSs) is required
Click here to Download Exposure Draft 72 and the related comment questionnaire from MASB's website. Comment deadline is 30 September 2010.

 

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