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Financial Accounting and Reporting in Malaysia aims to develop knowledge and skills in understanding and applying the MFRSs, IFRSs and MPERS. With a clear emphasis on local practices, accounting principles are discussed in detail to guide users on the preparation and presentation of financial statements to ensure compliance with the latest requirements. 

This new 7th edition incorporates:

  • The new 2018 Conceptual Framework for Financial Reporting, which establishes the foundation and rationale of financial reporting, and the fundamental concepts and principles. 
  • Complete chapters covering the latest MFRS 15 Revenue from Contracts with Customers, MFRS 9 Financial Instruments and MFRS 16 Leases.
  • All amendments to existing MFRSs since the last edition.
  • Additional guidance on intra-group share-based payment arrangements.
  • Additional guidance on capital reduction, capital reconstruction and arrangement, and liquidation under the Companies Act 2016.
Where applicable, comparisons are also made with the statutory requirements such as those of the Companies Act 2016 and the Securities Commission’s guidelines. Focus is also given to sample comprehensive disclosures of the MFRSs that may serve as guidelines for company practices. 

Key benefits of the guide include:

  • Principles and issues are summarised, explained and demonstrated with illustrative questions and answers in each accounting chapter of this issues-based book.
  • Clear explanations and numerous practical examples give practitioners, preparers and students a better understanding of the MFRSs, and guidance on how to apply them to businesses in Malaysia.
  • Incorporates the latest changes that have occurred to help readers keep pace with ongoing developments as MFRSs continues to expand and evolve.

Who should read this guide?

Similarly to its previous editions, the 7th edition of Financial Accounting and Reporting in Malaysia is published in two volumes: 

  • Volume 1: suitable for intermediate and advanced financial accounting courses.
  • Volume 2: suitable for advanced financial accounting courses or a post-graduate programme, although some chapters are also ideal for a course in specialized accounting or current issues.

About the author:

Tan Liong Tong is a respected and experienced author on financial reporting practices. He has served as a project manager in working groups assigned to developing the Standards of the Malaysian Accounting Standards Board (MASB). He currently serves aa a project manager of the MASB Working Group (WG 63) on Consolidation and as a Technical Consultant to Mazars Malaysia. High in demand as a consultant to various institutions and organisations, he has published numerous research articles, books, monographs and practice manuals in the field of financial accounting and reporting.


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