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On 14 June 2024 the Malaysian Accounting Standards Board (MASB) published a new standard; The new standard, MFRS 18 ‘Presentation and Disclosure in Financial Statements’ (the Standard) replaces MFRS 101 ‘Presentation of Financial Statements’ and will impact every reporting entity that currently uses International Financial Reporting Standards (MFRS).
The objective of the Standard is to improve how information is communicated in an entity’s financial statements, particularly in the statement of profit or loss and in its notes to the financial statements.
Background
The release of the Standard is the final stage of the Primary Financial Statements project, which came
about due to the lack of detailed requirements in MFRS 101 for the following areas:
- the classification of income and expenses in the statement of profit or loss
- the presentation of subtotals in the statement of profit or loss, and
- the aggregation and disaggregation of information presented in the primary financial statements or
disclosed in the notes.
This led to diversity in practice as entities defined their own subtotals and performance measures, which made comparison of financial performance between entities difficult for investors.
The MASB believes MFRS 18 will resolve these issues and improve the overall quality of financial reporting.
How we can help
We hope you find the information in this article helpful in giving you some insight into MFRS 18. If you would like to discuss any of the points raised, please do not hesitate to contact us.
