More than 100 countries on all five continents require or permit the use of IFRS. Major economies in Asia-Pacific, North America and Latin America have set out a time line towards the full adoption of IFRSs.
On 1 August 2008, the Financial Reporting Foundation (FRF) and Malaysian Accounting Standards Board (MASB) announced their plan to bring Malaysia to full convergence with IFRS by 1 January 2012.
Malaysian companies should consider:
- First annual set of IFRS account - December 31, 2012
- Comparative information to be translated - year to December 31, 2011
- Opening balance sheet required - January 1, 2011 (effectively December 31, 2010)
- Using a gradual strategy, some IFRS should be implemented in the current year.
Whether you are already compliant or planning to adopt IFRS, Mazars can help you.
At Mazars, we developed a comprehensive knowledge of IFRS. Our approach is practical and focused on the substance of the transactions. We always favour the economic view.