Mazars (AF:001954) in Malaysia has converted to Mazars PLT (LLP0010622-LCA), a limited liability partnership under the Limited Liability Partnerships Act 2012 (the “Act”), effective 17 February 2017. Before the conversion, the firm has been operating in Malaysia as a conventional partnership.
This publication provides a set of illustrative financial statements of a fictitious company, Mazars SME Sdn Bhd, for the financial year ending 31 December 2016 prepared according to the Malaysian Private Entities Reporting Standard (MPERS) issued by the Malaysian Accounting Standards Board. MPERS may be applied by private entities effective for the annual financial periods beginning on or after 1 January 2016.
After a pause of several months, the IASB has started the year by presenting its annual improvements in a short exposure draft, with the next consultations expected as of April. It is also continuing to offer support on new standards, publishing an article on IFRS 16 – Leases, noting in passing that there are some decisions to be taken and judgments to be made, and urging entities not to delay the launch of their transition process.
The adoption of IFRS 9 by the European Union marks the end of the work carried out by EFRAG under the leadership of Françoise Flores, coincidentally falling at the same time as her appointment as a member of the IASB. This appointment will maintain a French presence on the Board, following the end of Philippe Danjou’s term last October.
Improving the effectiveness of financial reporting is one of the IASB’s key focal areas for the coming years. Four projects fall under the theme of “Better communication”, including the Disclosure Initiative and a research project on the format of primary financial statements.
An “undue cost or effort” exemption is specified for some requirements in MPERS.
Certain principles and requirements of MPERS are different from PERS and MFRS. In this article, we shall discuss some distinctive features of MPERS.
The Prime Minister cum Minister of Finance of Malaysia, YAB Datuk Seri Najib Tun Razak, will table the 2017 Malaysian Budget Proposals on 21 October 2016. How will the 2017 Budget Proposals impact you and your business? Will there be opportunities and new tax incentives in store in the 2017 Budget Proposals?
Are you interested to learn about taxation principles from recent decisions of the court? Have there been any previous lower court decisions which have been overturned by the higher courts, rendering the previous decisions invalid? Are there any lessons to learn and any pitfalls to avoid?
The IASB’s update to its work plan on 23 September 2016 gives us a good idea of what is on the cards for IFRS over the next few months. In addition to the Insurance Contracts standard, which is scheduled for publication in March, and the Conceptual Framework (date not yet set), the next key milestones relate to research projects. Discussion Papers have been announced on business combinations under common control, dynamic risk management, financial instruments with characteristics of equity, and rate-regulated activities.
The IASB’s major projects are drawing towards their conclusion. Since 2014, the IASB has published standards on revenue, financial instruments and leases, and it is expected to complete the Insurance Contracts project and the Conceptual Framework by the end of 2017.
You have been living in a bit of a building site for much of the last decade. However, the good news is that the majority of the structural work is now complete. The heating and plumbing systems are now in good shape.” With these words Hans Hoogervorst described his impression of the progress made in recent years at the start of the IFRS Foundation Conference in Zurich.