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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.

GST will be zero-rated with effect from 1 June 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. 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.

Issuance of Practice Note No. 1/2018 by the Inland Revenue Board of Malaysia

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.

Recap of Relief Reviewed / New Tax Reliefs for Individuals for the Year of Assessment 2017

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?