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The updatede-Invoice General Frequently Asked Questions (FAQs) and both e-Invoice guidelines (e-Invoice Guideline Version 3.2 ande-Invoice Specific Guideline Version 3.0) were updated by the Inland Revenue Board of Malaysia (IRBM) on 19 July 2024 and 30 July 2024.
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 updated e-Invoice Software Development Kit (SDK) (1.0) and the updated e-Invoice guidelines (e-Invoice Guideline Version 2.3 and e-Invoice Specific Guideline Version 2.1) was published by the Inland Revenue Board of Malaysia (IRBM) on 6 April 2024.
The beta version of e-Invoice Software Development Kit (SDK), and the updated e-Invoice guidelines (e-Invoice Guideline Version 2.2 ande-Invoice Specific Guideline Version 2.0) was published by the Inland Revenue Board of Malaysia (IRBM) on 9 February 2024. The SDK provides guidance to assist businesses in integrating their existing system to the IRBM’s MyInvois System.
Our ‘Insights into MFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
Our ‘Insights into MFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
On 26 June 2023 the International Sustainability Standards Board (ISSB) released its first two International Sustainability Disclosure Standards (IFRS SDS or the Standards) that become effective for periods beginning on or after 1 January 2024.
This article provides a summary of the MFRS 136 disclosure requirements and highlights particular areas of focus for regulators, including select illustrative examples for these areas of focus.
This article considers some regularly encountered application issues when applying MFRS 136, which are the ‘deferred tax and goodwill problem’, non-controlling interests, equity accounting, and the interaction between MFRS 136 and other MFRS.
Our ‘Insights into MFRS 8’ series is designed to illustrate how MFRS 8 should be applied and it provides guidance and insight in some problematic areas. We also include several examples illustrating the Standard’s requirements. This article sets out example disclosures of segment information.
Understanding how an entity is performing from management’s point of view during an interim reporting period can be just as important as the annual disclosures that are required when following MFRS 8 ‘Operating Segments’ – which sets out the minimum disclosure requirements for annual reporting periods.
This updated Budget Adviser includes key tax proposals from the Finance Bill, in addition to the highlights of the various tax measures that were announced in the earlier Budget 2023 speech.
This article discusses when there are exceptions to the rule of comparing recoverable amount with carrying amount, which is step 5 in the impairment review process.
This article is the final in a three-part series on Step 4 of the impairment review on estimating the recoverable amount and discusses how to estimate an appropriate discount rate in value in use (VIU) calculations.
For 18 years, Grant Thornton has tracked the global progress of women in senior management. By surveying senior leaders from 5,000 businesses across 29 economies, the Women in Business 2022 report outlines the evolution of worldwide leadership models and the successful implementation of diversity and inclusion policies to retain and attract female talent within organizations. Using our findings as a guide, corporate leaders can discover what strategies have proven effective to attracting this vital talent demographic and what more can be done to allow female talent to flourish for the overall growth of the company.
MFRS 8 ‘Operating Segments’ aligns external reporting through the identification and reporting of operating segments with what is reported internally by management.
This article is the second in a three-part series on Step 4 of the impairment review on estimating the recoverable amount and discusses estimating future cash inflows and outflows in value in use (VIU) calculations.
This article, covers the definitions of recoverable amount and fair value less costs of disposal (FVLCOD) and provides an overview of value in use (VIU).
This updated Budget Adviser includes key tax proposals from the Finance Bill, in addition to the highlights of the various tax measures that were announced in the earlier Budget 2022 speech.
This article is the second of a three-part series on cashgenerating units (CGUs). In this article we discuss how to allocate assets to CGUs, which follows an article on how to identify CGUs and then finally we will discuss how to allocate goodwill to CGUs.
In this article we discuss how to identify cash-generating units (CGUs), and in our following articles how to allocate assets to them and also then to allocate goodwill to them.
This article explains if and when a detailed impairment test as set out in MFRS 136 is required. The guidance prescribes different requirements for goodwill and indefinite life intangible assets (including those not ready for use) when compared to all other assets. As such, this article will cover Step3 in the impairment review which is to determine if and when to test for impairment is needed.
This article, Scope and structure of MFRS 136, looks at the scope of the impairment review (i.e. the types of assets that are included) and how it is structured (i.e. the level at which assets are reviewed).
MFRS 13 ‘Fair Value Measurement’ explains how to measure fair value by providing clear definitions and introducing a single set of requirements for almost all fair value measurements. It clarifies how to measure fair value when a market becomes less active.
Due to the further extension of Movement Control Order (“MCO”) announced by the Government on 25 March 2020, Bursa Malaysia had on 26 March 2020 announced additional relief measures to alleviate the impact of Covid-19 on capital market players.
In order to facilitate the affected companies to prepare and audit the financial statements and reports announcement and comply with the requirements of the CA 2016 due to the implementation of MCO, Companies Commission of Malaysia (“SSM”) had on 1 June 2021 issued Practice Directive No. 8/2021 to clarify the special procedures for companies to apply for an extension of time to hold an AGM or to submit a financial statement and reports.
The Malaysian Accounting Standards Board (MASB) has issued ‘Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to MFRS 16)’, an extension to the practical expedient period in the amendments to MFRS 16 ‘Leases’ made last year. This extension is for one year, so the application period now extends until 30 June 2022.
Our ‘Insights into MFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business. This article discusses how to identify the date of acquisition or the date the business combination is affected.
Business combinations are infrequent transactions that are unique for each occurrence. MFRS 3 ‘Business Combinations’ contains the requirements and despite being fairly stable in the ten years since its been released, still provides challenges when accounting for these transactions in practice.
Mergers and acquisitions are becoming more and more common as entities aim to achieve their growth objectives. MFRS 3 ‘Business Combinations’ contains the requirements for these transactions, which are challenging in practice.
There are several accounting considerations the COVID-19 pandemic has triggered in relation to MFRS 9. In our view one of the most significant is in relation to hedge accounting and highly probable cash flows.
For 17 years, Grant Thornton has been tracking the global progress of women in senior management. In the last 12 months, unprecedented events have had an unforeseen and unparalleled impact on that progress.
‘Insights into MFRS 3’ series summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
Annual financial statements will always be a critical communication to investors and other stakeholders. But how effective will they be in explaining to your stakeholders how the global COVID-19 pandemic has affected your organisation?
The Securities Commission Malaysia and Bursa Malaysia Berhad today announced temporary relief measures for listed issuers in addition to those introduced in 2020. These additional measures will allow listed issuers more time to prepare their financial statements and put in place regularisation plans amid the Covid-19 pandemic.
In support of the Government's initiatives to ease the economic pressures faced by the corporate community arising from the Covid pandemic, Companies Commission of Malaysia (“SSM”) had on 7 April 2020 (Revised 27 January 2021) issued Practice Directive No. 6/2020 to clarify the special procedures for companies to apply for an extension of time to hold an AGM or to submit a financial statement and reports
The Perlindungan Ekonomi dan Rakyat Malaysia (PERMAI) assistance package that is valued at RM15 billion has been announced by the Government. There will be a total of 22 initiatives implemented under the PERMAI assistance package.
The COVID-19 global pandemic has resulted in economic consequences that many reporting entities may not have had to previously consider. One of those consequences is their ability to repay loans. In response, some lenders have agreed to changing the borrowing terms or providing waivers or modifications to debt covenant arrangements. Any changes to the terms of loan agreements, for example providing any kind of payment holidays on either principal or interest or changing interest rates, should be carefully assessed.
Following the Government's intention to increase the use of e-payments, the IRBM has announced that it will NO longer accept tax payments sent by post or courier with effect from 1 January 2021.
MFRS 129 ‘Financial Reporting in Hyperinflationary Economies’ requires the financial statements of any entity whose functional currency is the currency of a hyperinflationary economy to be restated for changes in the general purchasing power of that currency so that the financial information provided is more meaningful.
This Budget Adviser provides insights to the tax measures that were announced in the Budget 2021 speech on 6 November 2020 as well as updates on the key tax proposals from the Finance Bill 2020 released on 16 November 2020.
When accounting for lease incentives in accordance with MFRS 16 ‘Leases’ from a lessee perspective, questions may arise in how to identify a lease incentive and when the accounting treatment changes depending on how the lease incentive is granted. This publication aims to resolve these lessee accounting questions.
When accounting for lease incentives in accordance with MFRS 16 ‘Leases’ from a lessee perspective, questions may arise in how to identify a lease incentive and when the accounting treatment changes depending on how the lease incentive is granted. This publication aims to resolve these lessee accounting questions.
The Malaysian Accounting Standards Board (MASB) has published Interest Rate Benchmark Reform Phase 2 (Amendments to MFRS 9, MFRS 139, MFRS 7, MFRS 4 and MFRS 16), finalising its response to the ongoing reform of interest rate benchmarks around the world.
We have created this comprehensive and helpful guide that highlights the relief made available by governments in ASEAN. The various government relief measures cover the following areas: financial, corporate, tax, social and health care, and employment.
The Malaysian Accounting Standards Board (MASB) has issued Amendments to MFRS 17 'Insurance Contracts' (the Amendments). The MASB also issued an amendment to the previous insurance standard MFRS 4, 'Extension of the Temporary Exemption from Applying MFRS 9 (Amendments to MFRS 4)' so that entities can still apply MFRS 9 'Financial Instruments' alongside MFRS 17
The Malaysian Accounting Standards Board (MASB) has issued an amendment to defer the effective date of the ‘Classification of Liabilities as Current or Non-current’ which amends MFRS 101 ‘Presentation of Financial Statements’ by one year.
The impact of COVID-19 is expected to have a significant impact on the going concern assumption for a large number of entities. Some entities which were previously a going concern may no longer be. Many entities will need to apply significant judgement and will be required to consider the impact of material uncertainties in assessing the entity’s ability to continue as a going concern.
Effective for financial years beginning on or after 1 January 2019, IC Interpretation 23 ‘Uncertainty Over Income Tax Treatments’ (‘the Interpretation’) requires entities to consider the potential for adverse tax determinations being made by taxing authorities while under a hypothetical tax review and record a liability (and expense) where such a finding is considered “probable”. Many entities may not experience a financial impact as a result of this, but the Interpretation remains applicable and certain disclosures may be appropriate.
This report looks at the steps retail businesses need to take to put themselves in the best position for the ‘new normal’ that will emerge once lockdown restrictions are eased.
This Hiring Incentive and Training Programme brief guideline is prepared to assist those who need some information on the incentives and assistance available for employers and employees.
In this article 'Considerations when preparing financial statements and using alternative performance measures' we set out various ways to enhance communication on how the pandemic has impacted the financial position and performance of any reporting entity. These include sensitivity analysis, the use of alternative performance measures and changing line items that have previously been disclosed within the financial statements.
As Malaysian enters the Recovery stage, an economic recovery plan known as Pelan Jana Semula Ekonomi Negara (PENJANA) has been introduced by the Government. Our Adviser on Short-term Economic Recovery Plan (PENJANA) issued earlier is updated following further information released by the Ministry of Finance.
In accordance with MFRS 110 ‘Events after the Reporting Period’, entities are required to distinguish between subsequent events that are adjusting (ie those that provide further evidence of conditions that existed at the reporting date) and non-adjusting (ie those that are indicative of conditions that arose after the reporting date). Entities are required to update the carrying amounts of any assets or liabilities recognised in their financial statements to reflect any adjusting events that occur during the subsequent events period.
This article highlights key aspects of MFRS 15 ’Revenue from Contracts with Customers’, that are expected to be particularly relevant during the COVID-19 pandemic.
While many forms of government assistance should be accounted for by applying MFRS 120 ‘Accounting for Government Grants and Disclosure of Government Assistance’ because they meet the following definition, others should be addressed by other standards such as MFRS 112 ‘Income Taxes’.
Grant Thornton Malaysia has organised a webinar on Thursday, 11 June 2020 to help you navigate effectively. This webinar will focus on the key challenges and possible solutions for the various stakeholders involved.
The spread of the Covid-19 has been a global challenge socially and economically, and Malaysia is not spared from the crisis. In order to overcome the Covid-19 crisis, the Government has taken a strategy comprising of six approaches known as 6R - Resolve, Resilience, Restart, Recovery, Revitalise and Reform. As Malaysian enters the Recovery stage, an economic recovery plan known as Pelan Jana Semula Ekonomi Negara (PENJANA) will be introduced by the Government. This Adviser highlights the various tax measures that were announced as part of the initiatives of the PENJANA.
MFRS 16 contains specific requirements on accounting for lease modifications. Rent concessions that change the overall consideration for the lease are in the scope of these requirements. Lessees are currently required to assess whether rent concessions are lease modifications and, if they are, apply specific accounting guidance.
The Royal Malaysian Customs Department has recently announced another extension of payment deadlines to 30 June 2020. Penalties imposed on tax payments for the following will be fully remitted if the payments are made by 30 June 2020.
As the impact of a novel strain of coronavirus (COVID-19) continues to unfold around the world, those individuals responsible for preparing financial statements and approving them for issue need to be cognisant of not only what has happened and is happening at the reporting date and the time the financial statements are approved, but also what is likely to happen next.
Bursa Malaysia Securities Berhad (“Bursa Malaysia”) is granting an extension of time of one month to listed issuers with financial year ending (“FYE“) on 31 March 2020 (“said Listed Issuers”) to issue their annual reports that include the annual audited financial statements and the auditors’ and directors’ reports (“AR”), which are due by 31 July 2020 under the Main Listing Requirements (“Main LR”) after considering that the said Listed Issuers may not have adequate time to prepare their AR which contains both financial and non-financial information. As such, the said Listed Issuer shall issue their AR by 31 August 2020 instead of 31 July 2020.
In view that the Movement Control Order is further extended to the fourth phase up until 12 May 2020, the deadlines for payments due to the Royal Malaysian Customs Department (“RMCD”) for the following returns have been further extended to 31 May 2020.
In support of the Government initiatives to ease the economic pressures faced by the corporate community arising from the Covid pandemic, Companies Commission of Malaysia (“SSM”) had on 7 April 2020 (Revised 15 April 2020) issued Practice Directive No. 6/2020 to clarify the special procedures for companies to apply for an extension of time to hold an AGM or to submit a financial statement and reports.
Due to the second extension of the Movement Control Order (“MCO”) for another two weeks from 15 April until 28 April 2020 announced by The Government on 10 April 2020, Bursa Malaysia has on 16 April 2020 announced additional temporary relief measures to listed issuers.
Further to the earlier Prihatin Rakyat Economic Stimulus Package, the Malaysia government announced additional measures valued at RM10 billion on 6 April 2020, aimed in helping businesses in particular SMEs to pull through this challenging period.
As the impact of a novel strain of coronavirus (COVID-19) continues to unfold around the world, those individuals responsible for preparing financial statements and approving them for issue need to be cognisant of not only what has happened and is happening at the reporting date and the time the financial statements are approved, but also what is likely to happen next.
With the rising impact of COVID-19 being seen worldwide, all industries will face significant disruption to their supply chain, workforce and cashflow. The right response will depend on the specific circumstances you and your business face. However, when experiencing significant stress or distress, we recommend you focus everything you do around the management of cash.
The novel coronavirus (COVID-19) pandemic is spreading around the globe rapidly. The virus has taken its toll on not just human life, but businesses and financial markets too, the extent of which is currently indeterminate. Entities need to carefully consider the accounting implications of this situation.
The official system in the MySToDS portal for a foreign registered person (“FRP”) providing digital services to consumers in Malaysia to submit the returns, pay taxes and other matters as allowed by the Director-General will go live on 1 April 2020
A second economic stimulus package was announced by the Malaysia government on 27 March 2020 to strengthen the economy, as well as necessary measures to provide assistance to all Malaysians who are affected by the COVID-19 outbreak and the movement control order from 18 March 2020 to 14 April 2020.
Due to the further extension of Movement Control Order (“MCO”) announced by the Government on 25 March 2020, Bursa Malaysia had on 26 March 2020 announced additional relief measures to alleviate the impact of Covid-19 on capital market players.
Due to the World Health Organization’s announcement on 11 March 2020, which categorised the COVID-19 outbreak as pandemic and the implementation of the Movement Control Order (“Order”) that is taking effect from 18 March 2020 to 31 March 2020 announced by Government on 16 March 2020; Companies Commission Malaysia (“SSM”), Securities Commission Malaysia (“SC”) and Bursa Malaysia Securities Berhad (‘the Exchange”), had on 16 March 2020 and 17 March 2020 respectively announced on the followings
Following the implementation of the Movement Control Order for the period 18 March 2020 to 31 March 2020 (‘this period”), the Inland Revenue Board of Malaysia has granted extended deadlines and introduced temporary operating procedures during this period on various income tax, real property gains tax and stamp duty matters.
As Coronavirus is becoming more widespread, it is important that businesses consider the accounting implications as a result of the impact it is having on their business.
Over the last 12 months, our women in business research has drilled down into the gender diversity stats of mid-market organisations around the world, looking at how the numbers are changing, and most importantly, what businesses are doing to make them change.
There were changes made to the proposals announced previously on the Malaysia Economic Stimulus Package 2020. We have updated our Adviser to incorporate the amendments.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
The Royal Malaysian Customs Department has recently released six Service Tax Policies setting out the amendments and approaches in relation to service tax matters with effect from 1 January 2020.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
Acquisition of services from foreign service provider may be subject to service tax if it is a taxable service. Recently, there was announcement that this acquisition of services may be exempted from service tax.
The Service Tax (Amendment) (No. 2) Regulations 2019 was gazetted recently on 23 December 2019. The main highlights of the amendment cover areas announced in the 2020 Budget and other new amendments, which will take effect from 1 January 2020.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. This is the illustrative of previous month's MFRS news on presentation and disclosure of MFRS 16.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
The Service Tax (Amendment) Act 2019 has been gazetted recently on 9 July 2019. The main highlight of the amendment act is the introduction of Digital Service Tax which is expected to take effect from 1 January 2020.
Following the 2019 Budget announcement, the Income Tax (Deduction for Employment of Senior Citizen, Ex-Convict, Parolee, Supervised Person and Ex-Drug Dependant) Rules 2019 has been gazetted to provide for further deduction to employer on remuneration paid to employee who is a senior citizen, ex-convict, parolee, supervised person and ex-drug dependant.
The Royal Malaysian Customs Department (RMCD) has issued guidance on reporting for sales tax exemption under Item 57 Schedule A, Sales Tax (Person Exempted from Payment of Tax) Order 2018.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
Further to the Income Tax (Restriction on Deductibility of Interest) Rules 2019 covered in our Tax Alert dated 3 July 2019 to restrict the deduction of interest expense in connection with or on any financial assistance in a controlled transaction, also known as “ESR”, the Inland Revenue Board of Malaysia (“IRBM”) has recently issued Guidelines on Restriction on Deductibility of Interest to provide further guidance and clarification on the application of the abovementioned Rules and Section 140C of the Act.
Following the 2018 Budget announcement and pursuant to Section 140C of the Income Tax Act 1967 [“the Act”], the Income Tax (Restriction on Deductibility of Interest) Rules 2019 has recently been gazetted to restrict the deduction of interest expense in connection with or on any financial assistance in a controlled transaction, also known as “ESR”.
Global business is facing a wave of disruptive influences that look set to spark the Fourth Industrial Revolution. We explore how the way professionals work is evolving, the leadership skills that will be needed within the dynamic mid-market to thrive, and how organisations can stay competitive in the war for talent and customers in 2030.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
Our 2019 Women in business report: building a blueprint for action shows that progress is being made towards gender parity at the senior management level. The last 12 months have seen increases in both the proportion of senior roles held by women and the proportion of businesses with at least one woman in senior management.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.
The long-awaited Sales Tax and Service Tax (“SST”) frameworks have finally been released by the Royal Malaysian Customs Department (“RMCD”) on 19 July 2018. The effective date of the SST implementation will be on 1 September 2018.
The MASB has issued ‘Definition of Material’ making amendments to MFRS 101 ‘Presentation of Financial Statements’ and MFRS 108 ‘Accounting Policies, Changes in Accounting Estimates and Errors’.
South East Asia is a bright spot in the global economy. The outlook for the region is sustained, healthy growth of more than 5% per year between now and 2022.(i) Against this backdrop, business sentiment has hit a new high. We explore what is driving this positivity and find that infrastructure emerges as a source of real opportunity for ASEAN firms in the coming years. At the same time, however, concerns over climate change loom large. Greater cooperation will be key to overcoming these environmental risks.
Given the slowing rate of economic growth, businesses across Asia Pacific (APAC) region have an appetite for automation. In this article we explore where that support is strongest, and why. We find that amid the rich opportunities, risks are present in the automation revolution. Businesses and policymakers should confront these challenges now, to avoid hampering future growth prospects.
Asia Pacific (APAC) is a region in flux. In 2018, businesses must contend with numerous challenges, not limited to environmental risks and an ageing population. But with disruption comes great opportunity.
Our MFRS News series provides insights from our global MFRS team on applying MFRS in challenging situations. Each edition will focus on an area where the Standards have proved difficult to apply or lack guidance. This edition provides guidance on client money – arrangements in which a reporting entity holds funds on behalf of clients.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments. In this issue we will look at MFRS 119 ‘Employee Benefits’.
Indirect taxation is still evolving, and an arguable simple tax is growing in its complexity and application as a traditional goods and services model is replaced with digital content; virtual consumption and seamless international trade flows. But how can you stay ahead?.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments. In this issue we will look at the long-term interest in associates and joint ventures (amendments to MFRS 128).
The long-awaited Sales Tax and Service Tax (“SST”) frameworks have finally been released by the Royal Malaysian Customs Department (“RMCD”) on 19 July 2018. The effective date of the SST implementation will be on 1 September 2018.
Malaysia’s Participation in Forum of Harmful Tax Practices (FHTP) under the Organization for Economic Cooperation and Development (OECD) Inclusive Framework (IF) – Base Erosion and Profit Shifting (BEPS) Action Plan 5
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments. In this issue we will look at the Prepayment Features with Negative Compensation (Amendments to MFRS 9).
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments. In this issue we will look at the ‘Annual Improvements to MFRS Standards 2015–2017 Cycle’ published by the MASB.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments. 2018 sees some of the biggest changes in recent standard setting came into effect. Both MFRS 9 ‘Financial Instruments’ and MFRS 15 ‘Revenue from Contracts with Customers’ are mandatory for accounting periods beginning on or 1 January 2018. While most companies will be well aware of the changes and will have already taken steps to start implementing them, we give you a brief overview of the most significant changes.
MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments. 2018 sees some of the biggest changes in recent standard setting came into effect. Both MFRS 9 ‘Financial Instruments’ and MFRS 15 ‘Revenue from Contracts with Customers’ are mandatory for accounting periods beginning on or 1 January 2018. While most companies will be well aware of the changes and will have already taken steps to start implementing them, we give you a brief overview of the most significant changes.
This edition of MFRS Hot Topics, the term ‘client money’ is used to describe a variety of arrangements in which the reporting entity holds funds on behalf of clients.
Businesses globally have taken one step forward but one step back on women in leadership. Significantly more businesses (75% in 2018 v 66% in 2017) now have at least one woman on the senior management team, but the proportion of the team that is female has slipped from 25% to 24%, according to Grant Thornton International Ltd.’s annual Women in Business report.
This edition of MFRS Hot Topics provides guidance on howIf an entity constructs a new building on the site of a former building, is the carrying value of the old building part of the cost of the new building?
A single, global converged, principal-based revenue recognition model – MFRS 15 Revenue from Contracts with Customers is effective from 1 January 2018 and it replaces most revenue recognition standards, e.g. MFRS 118 Revenue, MFRS 111 Construction Contracts and etc. Companies should not underestimate the level of judgment and attention to the documentation supporting those judgments.
This edition of MFRS Hot Topics provides guidance on how should the costs of an initial public offering (IPO) that involves both issuing new shares and a stock market listing be accounted for.
This edition of MFRS Hot Topics provides guidance on the issues encountered when an entity determines that it is not appropriate to prepare its financial statements on a going concern basis.
Heartiest congratulations to our leaders on their leadership roles in their respective prestigious institutes. We wish our leaders every success and may they bring their institutes to greater success.
Further to the Finance Act 2017 being gazetted on 16 January 2017, The Inland Revenue Board of Malaysia has issued two Practice Notes to clarify issues pertaining to the amended Section 15A of the Income Tax Act 1967 specifically relating to issues on effective date and on existing Double Taxation Avoidance Agreement.
This publication provides guidance on the application of MFRS 139’s impairment rules to investments in equity instruments that are classified as available-for-sale (AFS equity investments).
This publication considers the appropriate accounting for contracts that require an entity to make payments based on future entity revenues or product sales.
The Inland Revenue Board of Malaysia has issued a Media Release to provide clarification regarding the imposition of penalty at a rate of 100% which will be implemented with effect from 1 January 2018. Under the Income Tax Act, 1967, the Director General of Inland Revenue is given the power to impose a penalty for the offence of default in declaring income or in declaring correct income which is subject to tax.
This publication provides guidance on when an entity designates a cash flow hedge of a highly probable forecast transaction, what are the accounting consequences.
This publication provides guidance on when an entity designates a cash flow hedge of a highly probable forecast transaction, what are the accounting consequences.
The gender diversity issue has been on the business agenda for many years now, yet a third of businesses still have no women at a senior management level. Somewhere there is a disconnect.
In this Hot Topic, it is assumed throughout that the host sale or purchase contract is outside the scope of MFRS 139. Contracts that can be settled net (rather than by physical delivery and gross settlement) are within the scope of MFRS 139 unless they are for the entity’s expected sale, purchase or usage requirements (MFRS 139.5).
This publication discusses should assets and liabilities arising from derivative financial instruments (derivatives) be classified in the statement of financial position as current or non-current.
With the Finance Act, 2017 being gazetted on 16 January 2017, there are some of the salient amendments in the Income Tax Act, 1967 (“the Act”) that would likely impact many businesses.
A contractual obligation to pay interest or dividends linked to profits of the issuer should be classified as a liability (rather than as equity) by the issuer.
Business combinations involving entities under common control are outside the scope of MFRS 3 Business Combinations (MFRS 3.2(c)), and there is no other specific MFRS guidance. Accordingly, management should use its judgement to develop an accounting policy that is relevant and reliable, in accordance with Paragraphs 10 to 12 of MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors.
Business combinations involving entities under common control are outside the scope of MFRS 3 Business Combinations (MFRS 3.2(c)), and there is no other specific MFRS guidance. Accordingly, management should use its judgement to develop an accounting policy that is relevant and reliable, in accordance with Paragraphs 10 to 12 of MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors.
Business combinations involving entities under common control are outside the scope of MFRS 3 Business Combinations (MFRS 3.2(c)), and there is no other specific MFRS guidance. Accordingly, management should use its judgement to develop an accounting policy that is relevant and reliable, in accordance with Paragraphs 10 to 12 of MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors.
Business combinations involving entities under common control are outside the scope of MFRS 3 Business Combinations (MFRS 3.2(c)), and there is no other specific MFRS guidance. Accordingly, management should use its judgement to develop an accounting policy that is relevant and reliable, in accordance with Paragraphs 10 to 12 of MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors.
Business combinations involving entities under common control are outside the scope of MFRS 3 Business Combinations (MFRS 3.2(c)), and there is no other specific MFRS guidance. Accordingly, management should use its judgement to develop an accounting policy that is relevant and reliable, in accordance with Paragraphs 10 to 12 of MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors.
If an entity earns revenues denominated in foreign currency: • how are these revenues translated into the entity’s functional currency? • are related deferred revenue (advance payments) and accrued revenue amounts treated as monetary or non-monetary items for the purposes of MFRS 121 The Effects of Changes in Foreign Exchange Rates
The IASB has published IFRS 16 ‘Leases’ completing its long-running project on lease accounting. This special edition of IFRS News series explains the key features of the new Standard and provides practical insights into its application and impact.
Indirect taxation is becoming ever more complicated, varied between jurisdictions and prone to government tinkering. With some of the biggest tax reforms occurring within indirect tax, getting on top of the complexity and change is vital.
The IASB has published IFRS 16 ‘Leases’ completing its long-running project on lease accounting. This special edition of IFRS News series explains the key features of the new Standard and provides practical insights into its application and impact.
Grant Thornton can provide guidance and assistance to identify the GST risks and subsequently your business can prepare remedial measures to mitigate the GST risks.
The world is changing. The financial crisis emphasised the extent to which financial systems are connected globally. This interconnectedness not only brings greater prosperity, but also greater concentrations of systemic risk.
The IASB has published IFRS 16 ‘Leases’ completing its long-running project on lease accounting. This special edition of IFRS News series explains the key features of the new Standard and provides practical insights into its application and impact. We have covered the introduction and scope of IFRS 16 in the March 2016 issue. In this issue, the details of the new lessee accounting approach are discussed.
This newsletter provides information on the latest tax updates. Guidelines on the Offer in Reduction of Penalty for Voluntary Disclosure and Waiver of Tax Increase for Settlement of Tax Arrears
The IASB has published IFRS 16 ‘Leases’ completing its long-running project on lease accounting. This special edition of IFRS News series explains the key features of the new Standard and provides practical insights into its application and impact.
The gender diversity issue has been on the business agenda for many years now, yet a third of businesses still have no women at a senior management level. Somewhere there is a disconnect.
This issue discusses the accounting for financial liabilities with a demand feature (on-demand financial liabilities). This publication considers the accounting implications when the entity no longer expects the counter-party to demand repayment.
This is a series of issues that provide guidance on the practical application issues of MFRS 107 Statement of Cash Flows. Part V will be the last section of the series of Cash flow statements – common pitfalls and application issues.
This is a series of issues that provide guidance on the practical application issues of MFRS 107 Statement of Cash Flows. There are a number of presentation issues that have created differences in the practical application of MFRS 107.
This is a series of issues that provide guidance on the practical application issues of MFRS 107 Statement of Cash Flows. There are a number of presentation issues that have created differences in the practical application of MFRS 107.