Malaysia proposes to adopt IFRS for SMEs
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
