The existing financial reporting framework in Malaysia is virtually the same as the IFRS framework except for IAS 41 Agriculture, IFRIC 15 Agreements for the Construction of Real Estate, different effective dates and additional transitional provisions in a limited number of standards.

The proposed FRS standards contained in the Exposure Draft are equivalent to the IFRSs issued by the IASB. Therefore, MASB asserts that financial statements drawn up in accordance with the new IFRS-compliant FRS framework will be equivalent to financial statements that have adopted the IFRS framework.

Under the proposals in the Exposure Draft, entities would be required to make, in the notes, an explicit and unreserved statement of compliance with both Financial Reporting Standards (FRSs) and International Financial Reporting Standards (IFRSs).

The MASB has tentatively decided all entities, other than those which meet its definition of a 'private entity', will be required to apply the new IFRS-compliant FRS framework. However, a private entity would be permitted to apply the new IFRS-compliant FRS framework if it decides to do so.

Click for MASB announcement (link to the MASB website).

• The IASB organisation — its structure, membership, due process, contact information, and a chronology
• Use of IFRSs around the world, including updates on Europe, United States, Canada and elsewhere in the Americas, and Asia-Pacific
• Recent pronouncements - those which are effective and those which can be early adopted
• Summaries of current Standards and related Interpretations, as well as the Conceptual Framework for Financial Reporting and the Preface to IFRSs
• IASB agenda projects and active research topics
• IFRS Interpretations Committee current agenda topics
• Other useful IASB-related information

We are pleased to grant permission for accounting educators and students to print copies of the PDF file for educational purposes. Please contact your local Deloitte practice office to request a printed copy.

Click for:

• Guide to IFRSs — IFRSs In Your Pocket 2011 (PDF 533k)

• Editorial Corrections to IFRSs (link to IASB web site)

As part of its ongoing redeliberations, the UK Accounting Standards Board (ASB) has tentatively agreed to a number of amendments to its proposed revised differential reporting framework, to reduce its impacts on certain entities and extend its proposed application date.

The ASB published its published its proposals for the future of financial reporting in the UK and Republic of Ireland in October 2010 (see our earlier story). The Exposure Drafts set out proposals for a three-tier reporting framework, with the aim of balancing the needs of preparers and users of accounts.

At its meeting held on 16 June 2011, the ASB made the following tentative decisions:

• To remove from FRED 43 Application of Financial reporting Requirements and FRED 44 Financial Reporting Standard for Medium-sized Entities (FRSME), the requirement for publicly accountable entities to prepare accounts under EU-adopted IFRS. As a consequence the application of EU-adopted IFRS will not be extended beyond the current requirements in law. This measure will particularly assist certain charities that would otherwise be captured as having "public accountability"
• To change the principles for amending the IFRS for SMEs in developing the FRSME (to be applied by all entities other than those required to comply with EU-adopted IFRS and small companies), to permit or require accounting options that exist in current UK and Republic of Ireland Financial Reporting Standards at the transition date that align with EU-adopted IFRS
• To defer the proposed effective date of the proposals to 1 January 2014 (instead of 1 July 2013), to allow time for the creation of a new exposure draft of the FRSME.

Click for the ASB meeting summary (link to the UK Financial Reporting Council website).

The ASC's new financial reporting framework for charities will apply to charities when they prepare their financial statements for financial periods beginning on or after 1 July 2011. Most charities can choose to adopt the Singapore Financial Reporting Standards (FRS) or the CAS based on their own needs and operations.

In developing the CAS, the ASC took reference from the IFRS for SMEs, the Financial Reporting Standard for Smaller Entities (FRSSE) issued by the Accounting Standards Board of the United Kingdom, and other sources.

Click for ASC announcement (link to the ASC website).

The release of the Guide follows a public consultation process that commenced in August 2010 regarding disclosure and accountability for operating and developing businesses in a sustainable manner (see our earlier story).

Within the Guide, the Policy Statement sets out the principles and the Questions and Answers guide listed companies in extending their reporting beyond financial governance to sustainability aspects. The Guide references ISO 26000 Guidance on Social Responsibility and the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines for listed companies seeking detailed guidance on sustainability reporting.

The Policy Statement and Sustainability Reporting Guide are applicable to Mainboard and Catalist companies listed on SGX. The Guide is not mandatory, but the SGX encourages all its listed companies to consider sustainability reporting as an integral part of good corporate governance and notes "conceivably, there will be progress towards mandatory reporting through regulations and rules in the future".

Both Policy Statement and the Guide are available on www.sgx.com (link to SGX website). Click for SGX announcement (link to the SGX website).