This publication explains and illustrates all the Malaysian Financial Reporting Standards (MFRSs) and Issues Committee Interpretations (IC Int) issued by the Malaysian Accounting Standards Board (MASB) and effective as at 1 January 2017. It also covers MFRS 9 Financial Instruments and MFRS 15 Revenue from Contracts with Customers which will be effective on 1 January 2018, and MFRS 16 Leases which will be effective on 1 January 2019. The major provisions of each standard is highlighted and illustrated, with a professional emphasis. Questions and answers dealing with the more complex accounting issues are included to enhance understanding of the requirements of the MFRSs.

This 5^th Edition continues to build on the earlier editions’ reputation as a complete, quick and reliable guide to the MFRS Framework. This publication will be invaluable to those who require practical working knowledge of the MFRSs. Academics and students will also gain a sound understanding of the relevant standards and appreciate the practicalities involved in their application.   

Key Features & Benefits

• Best Practice: Provides guidance on the preparation and presentation of financial statements that are in compliance with the MFRSs
• Efficient Reporting: Enables readers to develop and improve proficiency in new and complex areas such as financial instruments, revenue and leases
• Q&A: Deals with the more complex accounting issues at the end of the chapters to enhance understanding on the accounting requirements of the MFRSs

Topics Covered

• Introduction
• MFRS 1 First-time Adoption of Financial Reporting Standards
• MFRS 2 Share-based Payment
• MFRS 3 Business Combinations
• MFRS 4 Insurance Contracts
• MFRS 5 Non-current Assets Held for Sale and Discontinued Operations
• MFRS 6 Exploration for and Evaluation of Mineral Resources
• MFRS 7 Financial Instruments: Disclosures
• MFRS 8 Operating Segments
• MFRS 9 Financial Instruments
• MFRS 10 Consolidated Financial Statements
• MFRS 11 Joint Arrangements
• MFRS 12 Disclosure of Interests in Other Entities
• MFRS 13 Fair Value Measurement
• MFRS 14 Regulatory Deferral Accounts
• MFRS 15 Revenue from Contracts with Customers
• MFRS 16 Leases
• MFRS 101 Presentation of Financial Statements
• MFRS 102 Inventories
• MFRS 107 Statement of Cash Flows
• MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors
• MFRS 110 Events after the Reporting Period
• MFRS 111 Construction Contracts
• MFRS 112 Income Taxes
• MFRS 116 Property, Plant and Equipment
• MFRS 117 Leases
• MFRS 118 Revenue
• MFRS 119 Employee Benefits
• MFRS 120 Accounting for Government Grants and Disclosure of Government Assistance
• MFRS 121 The Effects of Changes in Foreign Exchange Rates
• MFRS 123 Borrowing Costs
• MFRS 124 Related Party Disclosures
• MFRS 126 Accounting and Reporting by Retirement Benefit Plans
• MFRS 127 Separate Financial Statements
• MFRS 128 Investments in Associates and Joint Ventures
• MFRS 129 Financial Reporting in Hyperinflationary Economies
• MFRS 132 Financial Instruments: Presentation
• MFRS 133 Earnings per Share
• MFRS 134 Interim Financial Reporting
• MFRS 136 Impairment of Assets
• MFRS 137 Provisions, Contingent Liabilities and Contingent Assets
• MFRS 138 Intangible Assets
• MFRS 139 Financial Instruments: Recognition and Measurement
• MFRS 140 Investment Property
• MFRS 141 Agriculture
• Appendix : IC Interpretations
• Index