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Working Group 11- 20

WG 11, Segment Reporting

(Chairman: YM Raja Datuk Arshad Raja Tun Uda; Project Manager: AP Dr. Susela Devi)

WG 11 was responsible for developing MASB 22 Segment Reporting. This Standard establishes the principles for reporting financial information by segment, information about the different types of products and services an entity produces and the different geographical areas in which it operates to help users of financial statements to better understand the entity's past performance, better assess the entity's risks and returns and make more informed judgements about the entity as a whole. This Standard was renamed FRS 114 2004 with effect from 1 January 2005.

 

WG 12, Property, Plant and Equipment

(Chairperson: Puan Zahrah Abdul Wahab Fenner; Project Manager: Professor Dr. Takiah Mohd. Iskandar)

WG 12 was responsible for developing MASB 15 Property, Plant and Equipment. This Standard deals with the timing of recognition of the property, plant and equipment, the determination of their carrying amounts and the depreciation charges to be recognised in relation to them. This Standard was renamed FRS 1162004 with effect from 1 January 2005 and subsequently replaced by FRS 116 with effect from 1 January 2006.

 

WG 13, Leases

(Chairman: Encik Ahmad Mustapha Ghazali; Project Manager: Dr. Syed Musa bin Syed Jaafar Al-Habshi)

WG 13 was responsible for developing MASB 10 Leases. This Standard classifies leases as either a finance lease or an operating lease and prescribes, for lessees and lessors, the appropriate accounting policies and disclosures to apply in relation to finance and operating leases. This Standard was renamed FRS 1172004 with effect from 1 January 2005 and subsequently replaced by FRS 117 with effect from 1 October 2006.

 

WG 14, Revenue

(Chairman: Dr. Nordin Mohd Zain; Project Manager: Mr. Woon Chin Chan)

WG 14 was responsible for developing MASB 9 Revenue. This Standard prescribes the accounting treatment of revenue arising from certain types of transactions and events as well as identifies circumstances which meet the revenue recognition criteria. This Standard was renamed FRS 1182004 with effect from 1 January 2005.

 

WG 15R, Employee Benefits

(Chairman: Mr Ken Pushpanathan; Project Manager: Mr Manohar Benjamin Johnson)

WG 15R was set up to review the IASB Discussion Paper: Preliminary Views on Amendments to IAS 19 Employee Benefits. This discussion paper sets out the IASB's preliminary views on how the accounting for some post-employment benefits, including pensions, could be improved. It addresses the main concerns expressed by a wide range of interested parties that the accounting model set out in IAS 19 is inadequate and should be reviewed. Among the criticisms are the deferral of the recognition of gains and losses, multiple options for deferring recognition, lack of clarity in the definitions of benefit promises and the required measurement method. The IASB's preliminary views on how to address those main issues are to remove the options for deferred recognition of gains and losses in defined benefit plans and to introduce a new classification of benefit promises into contribution-based promises and defined benefit promises, with a new measurement attribute for contribution-based promises.

 

WG 16, The Effects of Changes in Foreign Exchange Rates

(Chairman: Y.Bhg. Datuk Dr. Abdul Samad Hj. Alias; Project Manager: Mr. Woon Chin Chan)

WG 16 was responsible for developing MASB 6 The Effects of Changes in Foreign Exchange Rates. This Standard deals with issues in accounting of foreign currency transactions and foreign operations and prescribes which exchange rate to use and how to recognise in the financial statements the financial effect of changes in exchange rates.This Standard was renamed FRS 1212004 with effect from 1 January 2005 and subsequently replaced by FRS 121 with effect from 1 January 2006.

 

WG 17, Borrowing Costs

(Chairman: Y.Bhg. Datuk Dr. Abdul Samad Hj. Alias; Project Manager: AP Tan Liong Tong)

WG 17 was responsible for developing MASB 27 Borrowing Costs. This Standard prescribes the accounting treatment for borrowing costs and generally requires the immediate expensing of borrowing costs but permits as an allowed alternative treatment, the capitalisation of borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset. This Standard was renamed FRS 1232004 with effect from 1 January 2005.

 

WG 18, Related Party Disclosures

(Chairman: Dr. Neoh Soon Kean; Project Manager: Mr. Lee Seng Huat)

WG 18 was responsible for developing MASB 8 Related Party Disclosures. This Standard prescribes disclosure requirements necessary to draw attention to the possibility that an entity's financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances with such parties. This Standard was renamed FRS 1242004 with effect from 1 January 2005 and subsequently replaced by FRS 124 with effect from 1 October 2006.

 

WG 19, Investment Property

(Chairman: Encik Mohamad Abdul Halim bin Ahmad; Project Manager: Ms. Loh Lay Choon)

WG 19 was responsible for developing FRS 140 Investment Property. This Standard prescribes the accounting treatment for investment property and related disclosure requirements.

 

WG 20, Accounting and Reporting by Retirement Benefit Plans

(Chairman: Dr. R. Thillainathan; Project Manager: Mr. Choo Keng Cheong)

WG 20 was responsible for developing MASB 30 Accounting and Reporting by Retirement Benefit Plans. This Standard deals with accounting and reporting by retirement benefit plans where such reports are prepared. Retirement benefit plans are sometimes referred to by other names, such as pension schemes, superannuation schemes or retirement benefit schemes. This Standard was renamed FRS 1262004 with effect from 1 January 2005.

 

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