Implementation of MFRS Standards


MASB's primary role is to develop accounting and financial reporting standards. It is the MASB's operating procedure that generally precludes the MASB or its staff from giving advice to any individuals or corporations or individual cases nor to act as an arbitrator regarding any issue. Resolution of matters concerning the application of the accounting standards should be addressed and discussed with the respective independent accountants, or auditors.

Likewise, the MASB's resources do not allow for it to respond to students' individual requests for help in completing their assignments.

Below are some of the questions that the staff frequently receive from preparers, auditors and users with regard to the implementation of the MFRS Framework. The answers to the following questions have been prepared by the MASB staff and are not necessarily the Board’s views.


Standard Title Date FAQ
MFRS 1 First-time Adoption of Malaysian Financial Reporting Standards 24 March 2016

Deferred Tax

24 March 2016

Requirement to apply MFRS 1

24 March 2016

Application of optional exemptions

MFRS 3 Business Combinations 24 March 2016 Accounting for contingent consideration relating to business combinations that occurred before date of transition
MFRS 15 Revenue from Contracts with Customers 24 March 2016 Recognition of revenue arising from sale of commercial property 
MFRS 101 Presentation of Financial Statements 24 March 2016 Fair presentation of financial statements in accordance with IFRS by including the statement of compliance with IFRS (Para MY16.1)
MFRS 102 Inventories 30 January 2019 Accounting for public infrastructure costs and affordable housing losses associated with property development (related Standard: MFRS 15)
MFRS 127 Separate Financial Statements 24 March 2016 Exemption from consolidation 
MFRS 138 Intangible Assets 24 March 2016

Concession industry: Selection of amortisation method

MFRS 141  Agriculture  24 March 2016 MASB's proposal to amend IAS 41
24 March 2016 Effective date Agriculture: Bearer Plant
Archive 24 March 2016 IC Interpretation 15
24 March 2016 Reclassification of Land Held for Property Development (FRS 201)