Survey on the transition experience in Malaysia

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25 Nov 2013

The Malaysian Accounting Standards Board (MASB) has released findings of a post-implementation survey of Malaysian companies on its Malaysian Financial Reporting Standards (MFRS) Framework, which are equivalent to International Financial Reporting Standards (IFRSs). The survey considered a number of aspects of transition to, and ongoing compliance with, MFRS and also explored initiatives that the MASB could undertake to ensure continuing implementation of the MFRS Framework.

The survey was conducted during 2013, with the survey period closing on 30 September 2013. A total of 80 responses where received from a cross-section of Malaysian companies, and whilst the MASB acknowledges the level of response "may not be representative of the total population of public listed companies", the MASB decided to publish the survey results as it is considered to provide "some form of indication of the efforts undertaken and the extent of challenges encountered in implementing MFRSs".

The survey results included:

  • The implementation process saw some consistent themes: more than 50% of respondents engaged and consulted with their external auditors, attended continuing professional education (CPE) and implemented internal implementation plans. Post transition, attending CPE events was a key response to addressing ongoing changes in requirements
  • The largest areas where challenges were experienced include issues with specific technical requirements, costs and resources and understanding the requirements of MFRSs. No factor was ubiquitous, and approximately one-third of respondents did not note any challenges at all
  • The major recommendations from respondents to the MASB included calls for more outreach, seminars, training and workshops, and the development of a helpline and practice aids. MASB staff observations note that the MASB is not generally tasked with these responsibilities and is precluded from giving advice to individuals or corporations.

Click for more information on the MASB website.

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