Malaysian Accounting Standards Board defers IFRIC 15 equivalent

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31 Aug 2010

The Malaysian Accounting Standards Board (MASB) has decided to defer the application of IC Interpretation 15 Agreements for the Construction of Real Estate (IC 15) from 1 July 2010 to 1 January 2012. However, entities that wish to apply IC 15 early can do so if they wish.

Beside differing application dates, IC 15 has the same requirements as IFRIC 15 (the effective date of IFRIC 15 is 1 January 2009).

The MASB explains the reason for the deferral as follows: light of the importance of the Real Estate sector to the Malaysian economy, the MASB Board in its deliberations on 23 August 2010 felt it would be prudent to temporarily defer the application of IC 15 to 1 January 2012. This is to allow for deliberations on the implementation of IC 15 to continue and to enable the examination of the proposed standard on Revenue from Contracts with Customers with stakeholders both locally and within the region, using its participation in the Asian-Oceanian Standard-Setters Group (AOSSG).

Click for press release (link to MASB website).

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