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In June 2024, the Malaysian Accounting Standards Board (MASB) issued the new accounting standard, MFRS 18 ‘Presentation and Disclosure in Financial Statements’. This will replace the existing MFRS 101 ‘Presentation of Financial Statements’ standard that has been in use for many years.
On the surface this new Standard may appear straightforward, setting out a new presentation requirement for the statement of profit or loss, and providing new definitions and disclosures related to non-MFRS performance measures. However, the details of these new requirements can lead to potential challenges that reporting entities will need to deal with to properly apply the new Standard.
While entities are dealing with a wide range of new reporting requirements, from international tax reform to sustainability reporting, changes to the presentation and disclosures of financial statements may not currently be at the top of their priorities. However, given the potentially pervasive changes brought about by MFRS 18, getting ready for MFRS 18 implementation should be prioritised.
Get ready for MFRS 18
The new financial statements presentation and disclosure standard
How we can help
We hope you find the information in this article helpful in giving you some insight into aspects of MFRS 18. If you would like to discuss any of the points raised, please speak to your usual Grant Thornton contact.
