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Malaysian Financial Reporting Standards

Effective Date and Applicability

1) MFRS framework

Entities Other Than Private Entities shall apply the MFRS framework for annual periods beginning on or after 1 January 2012, with the exception of entities subject to the application of MFRS 141 Agriculture and/or IC Interpretation 15 Agreements for the Construction of Real Estate.

A Private Entity shall comply with either the Private Entity Reporting Standards in its entirety or the MFRS Framework in its entirety for annual periods beginning on or after 1 January 2012.

Early application of the MFRS framework is permitted.

(2) Entities subject to the application of MFRS 141 and/or IC Interpretation 15

a. An entity subject to the application of MFRS 141 Agriculture and / or IC Interpretation 15 Agreements for the Construction of Real Estate shall comply with the MFRS Framework for annual periods beginning on or after 1 January 2014. The entity may in the alternative apply Financial Reporting Standards (FRSs) as its financial reporting framework for annual periods beginning before 1 January 2014.

b. An entity that consolidates or equity accounts or proportionately consolidates another entity that has chosen to apply FRSs as its financial reporting framework shall comply with the MFRS Framework for annual periods beginning on or after 1 January 2014. Such entity may itself choose to apply FRSs as its financial reporting framework for annual periods beginning before 1 January 2014.

c. An entity electing to continue preparing its financial statements in accordance with the FRS framework for annual periods beginning before 1 January 2014 discloses that fact, and when it will first present financial statements in accordance with the MFRS framework.

The Standards can be accessed at the following links: