Archived FAQ Convergence - Transitioning Entities


 

Disclaimer

The 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.


FAQ dated 24 March 2016

(1)

Transitioning Entities

 

Entities that satisfy the criteria in 2(a) and 2(b) are herein called Transitioning Entities (TEs).

(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.(2)Entities subject to the application of MFRS 141 and / or IC Interpretation 15 
(a) An entity that would otherwise be subject to the application of MFRSs as its financialreporting framework and thereby be subject in particular to the application of MFRS 141 Agriculture and/or IC Interpretation 15 may in the alternative apply the Financial Reporting Standards (FRSs) as its financial reporting framework