Financial Reporting

Publications by Mazars regarding the latest development in accounting and financial reporting for private and public entities in Malaysia and globally.

IFRS 16 - Overview of leases

In January 2016, the IASB published IFRS 16, its new accounting standard on leases. This signals the end of a major and often controversial project, which aimed to provide a more faithful representation of leases in IFRS financial statements.

IFRS 15 - Construction, civil engineering and real estate development industries

Businesses in the construction, civil engineering and real estate development industries are about to face the implementation of a major standard incorporating the new principles of revenue recognition: IFRS 15. Could IFRS 15 therefore call into question the recognition of revenue according to the stage of completion, or lead to a change in the pattern at which revenue and/or the margin is recognised?

Mazars Model Financial Statements (MPERS) 2016

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.

MPERS Series

In February 2014, the Malaysian Accounting Standards Board issued the Malaysian Private Entities Reporting Standard (“MPERS”).

MPERS or IFRS for SMEs is designed to meet the financial reporting needs and capabilities of small and medium-sized entities (“SMEs”).

MPERS is effective for financial statements with annual periods beginning on or after 1 January 2016.

IFRS 13 - Q & A

IFRS 13 "Fair Value Measurement".

Key points of the new standard in 40 questions and answers

The standard IFRS 13 "Fair Value Measurement" was published by the IASB in May 2011. As far as the IASB is concerned, application will be mandatory to current reporting periods as 1 January 2013. Early application is authorised.

The Application of IFRS 13 by the European entities is subject to its endorsement by the European Union.

IFRS 9 Financial Instruments An Overview (March 2015)

IFRS 9 ‘Financial Instruments’, which is effective for annual periods beginning on or after 1 January 2018, is a single integrated standard for financial instruments. This Standard sets out the requirements for the classification and measurement of financial assets and liabilities, the impairment of financial assets and hedge accounting.

Amendments to IAS 27-Equity Method

On 12 August 2014, the IASB published Equity Method in Separate Financial Statements (Amendments to IAS 27).

The amendments to IAS 27 will allow entities to use the equity method to account for investments in subsidiaries, associates and joint ventures in their separate financial statements.