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Malaysian Financial Reporting Standards (MFRSs)

The MFRSs listed in the table are official pronouncements issued by the MASB. MFRSs are issued by the MASB in respect of its application in Malaysia.

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The text of the MFRSs include MFRSs as approved by the MASB for issue up to 30 April 2018 and as required to be applied for annual periods beginning before or on 1 January 2020. Further explanation is available in the “Introduction” section of the 2018 MFRS Bound Volume that was published in May 2018.

The date shown in the “Issue Date” column refers to the date the Standard was first issued.

The “Amendments from other Standards” column contains consequential amendments to a Standard that are a consequence of another Standard or amendments to another Standard with an effective date after 1 January 2020 or issued after 30 April 2018.

The “Explanatory” column contains documents which accompanies the respective Standards but are not part of these Standards. They are IASB 2018 edition of documents accompanying IFRS Standards and Agenda Decisions issued by the IFRS Interpretations Committee (see explanation at the end of the MFRSs table)(1).

Please select the Glossary of Terms for definitions of key words used in the Standards which can be viewed for information purposes only. Please select the MFRS Glossary in Bahasa Malaysia for translations of Glossary of Terms and additional terms from MFRSs, the Basis for Conclusions, Illustrative Examples and Implementation Guidance.

These Standards contain materials in which the IFRS Foundation holds copyright and which have been reproduced in these Standards with the permission of the IFRS Foundation. Copyright in the International Financial Reporting Standards (including International Accounting Standards and SIC and IFRIC Interpretations), International Accounting Standards Board (IASB) Exposure Drafts, and other IASB publications belong to the IFRS Foundation.

All rights are reserved. No part of these Standards may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior permission in writing to MASB or as may be expressly permitted by law or under terms agreed with the appropriate reprographics rights organisation. No part of the materials incorporated in these Standards, the copyright of which is held by the IFRS Foundation, may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior permission in writing to the IFRS Foundation or as may be expressly permitted by law or under terms agreed with the appropriate reprographics rights organisation.

The numbering of the MFRS corresponds with the equivalent IFRS Standard issued by the IASB. MFRS prefix with “1xx” corresponds with the equivalent IAS

 

Standard Title Applicable for annual periods beginning on or after: Issue Date Status Amendments from other Standards (effective after 1 January 2020) Explanatory
MFRS 1 First-time Adoption of Malaysian Financial Reporting Standards 1 Jan 2012 19 Nov 2011 Enacted

 

 

 

MFRS 17

 

BC

IG

Agenda Decision

MFRS 2 Share-based Payment 1 Jan 2012 19 Nov 2011 Enacted

-

BC

IG

Amendments to IG

Agenda Decision

MFRS 3 Business Combinations 1 Jan 2012 19 Nov 2011 Enacted

 

MFRS 17

BC

IE

Agenda Decision

Definition of a Business (Amendments to MFRS 3) 1 Jan 2020 14 Dec 2018 Enacted

-

Amendments to BC

Amendments to IE 

MFRS 4

Insurance Contracts

[will be superseded by MFRS 17 for periods beginning on or after 1 January 2021]

1 Jan 2012

19 Nov 2011 Enacted -

 

BC

IG

Amendments to IG

Agenda Decision

MFRS 5  Non-current Assets Held for Sale and Discontinued Operations 1 Jan 2012 19 Nov 2011 Enacted

 

MFRS 17

BC

IG

Agenda Decision

MFRS 6 Exploration for and Evaluation of Mineral Resources 1 Jan 2012 19 Nov 2011 Enacted -

BC

Agenda Decision

MFRS 7 Financial Instruments: Disclosures 1 Jan 2012 19 Nov 2011 Enacted

 

 MFRS 17

BC

IG

Agenda Decision

MFRS 8 Operating Segments 1 Jan 2012 19 Nov 2011 Enacted -

BC

IG

Agenda Decision

MFRS 9 Financial Instruments (IFRS 9 as issued by IASB in July 2014) 1 Jan 2018 17 Nov 2014 Enacted

MFRS 17

BC

IG

IE

Agenda Decision

MFRS 10 Consolidated Financial Statements 1 Jan 2013 19 Nov 2011 Enacted -

BC

IE

Agenda Decision

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to MFRS 10 and MFRS 128) 

Deferred

17 Nov 2014

 

31 Dec 2015

Enacted -
MFRS 11 Joint Arrangements 1 Jan 2013 19 Nov 2011 Enacted -

BC

IE

Agenda Decision

MFRS 12 Disclosure of Interests in Other Entities 1 Jan 2013 19 Nov 2011 Enacted -

BC

Agenda Decision

MFRS 13 Fair Value Measurement 1 Jan 2013 19 Nov 2011 Enacted

 

-

BC

IE

Agenda Decision

MFRS 14 Regulatory Deferral Accounts 1 Jan 2016 11 Jul 2014 Enacted -

BC

IE

MFRS 15 Revenue from Contracts with Customers 1 Jan 2018 2 Sept 2014 Enacted

MFRS 17

BC

IE

Agenda Decision

MFRS 16 Leases 1 Jan 2019 15 Apr 2016 Enacted -

BC

IE

MFRS 17 Insurance Contracts 1 Jan 2021 15 Aug 2017  Enacted

BC

Amendments to BC

IE

MFRS 101 Presentation of Financial Statements 1 Jan 2012 19 Nov 2011 Enacted

MFRS 17

BC

IG

Agenda Decision

Definition of Material (Amendments to MFRS 101) 1 Jan 2020 14 Dec 2018 Enacted

-

Amendments to BC

MFRS 102 Inventories 1 Jan 2012 19 Nov 2011 Enacted -

 

BC

Agenda Decision

MFRS 107 Statement of Cash Flows 1 Jan 2012 19 Nov 2011 Enacted

MFRS 17

BC

IE

Agenda Decision

MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors 1 Jan 2012 19 Nov 2011 Enacted -

BC

IG

Agenda Decision

Definition of Material (Amendments to MFRS 108) 1 Jan 2020 14 Dec 2018 Enacted -

Amendments to BC

MFRS 110 Events after the Reporting Period 1 Jan 2012 19 Nov 2011 Enacted Definition of Material

BC

Agenda Decision

MFRS 111

Construction Contracts

[will be superseded by MFRS 15 for periods beginning on or after 1 January 2018]

1 Jan 2012 19 Nov 2011 Enacted -

 

IE

MFRS 112 Income Taxes 1 Jan 2012 19 Nov 2011 Enacted

 

-

BC

IE

Agenda Decision

MFRS 116 Property, Plant and Equipment 1 Jan 2012 19 Nov 2011 Enacted

 

MFRS 17

BC

Agenda Decision

MFRS 117

Leases

[will be superseded by MFRS 16 for periods beginning on or after 1 January 2019]

1 Jan 2012 19 Nov 2011 Enacted -

BC

IG

Agenda Decision

MFRS 118

Revenue

[will be superseded by MFRS 15 for periods beginning on or after 1 January 2018]

1 Jan 2012 19 Nov 2011 Enacted -

IE

Agenda Decision

MFRS 119 Employee Benefits 1 Jan 2013 19 Nov 2011 Enacted MFRS 17

BC

Agenda Decision

MFRS 120 Accounting for Government Grants and Disclosure of Government Assistance 1 Jan 2012 19 Nov 2011 Enacted -

BC

Agenda Decision

MFRS 121 The Effects of Changes in Foreign Exchange Rates 1 Jan 2012 19 Nov 2011 Enacted

 

-

BC

Agenda Decision

MFRS 123 Borrowing Costs 1 Jan 2012 19 Nov 2011 Enacted -

 

 

BC

Agenda Decision

MFRS 124 Related Party Disclosures 1 Jan 2012 19 Nov 2011 Enacted -

BC

IE

Agenda Decision

MFRS 126 Accounting and Reporting by Retirement Benefit Plans 1 Jan 2012 19 Nov 2011 Enacted Agenda Decision
MFRS 127 Separate Financial Statements 1 Jan 2013 19 Nov 2011 Enacted -

 

BC

Agenda Decision

MFRS 128 Investments in Associates and Joint Ventures 1 Jan 2013 19 Nov 2011 Enacted

 

MFRS 17

BC

Agenda Decision

 

 

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to MFRS 10 and MFRS 128) 

Deferred

17 Nov 2014

 

 

31 Dec 2015

Enacted -
MFRS 129 Financial Reporting in Hyperinflationary Economies 1 Jan 2012 19 Nov 2011 Enacted -

BC

Agenda Decision

MFRS 132 Financial instruments: Presentation 1 Jan 2012 19 Nov 2011 Enacted

 

MFRS 17

BC

IE

Agenda Decision

 

MFRS 133 Earnings per Share 1 Jan 2012 19 Nov 2011 Enacted -

BC

IE

Agenda Decision

MFRS 134 Interim Financial Reporting 1 Jan 2012 19 Nov 2011 Enacted

Definition of Material

BC

IE

Agenda Decision

MFRS 136 Impairment of Assets 1 Jan 2012 19 Nov 2011 Enacted MFRS 17

BC

IE

Agenda Decision

MFRS 137 Provisions, Contingent Liabilities and Contingent Assets 1 Jan 2012 19 Nov 2011 Enacted

 

MFRS 17

Definition of Material

IG

IE

Agenda Decision

MFRS 138 Intangible Assets 1 Jan 2012 19 Nov 2011 Enacted

 

MFRS 17

BC

IE

Agenda Decision

MFRS 139 Financial Instruments: Recognition and Measurement 1 Jan 2012 19 Nov 2011 Enacted -

 

BC

IE

Agenda Decision

MFRS 140 Investment Property 1 Jan 2012 19 Nov 2011 Enacted

MFRS 17

BC

MFRS 141 Agriculture 1 Jan 2012 19 Nov 2011 Enacted -

BC

IE

Agenda Decision

Annual Improvements to MFRSs 2012–2014 Cycle issued in November 2014
Annual Improvements to MFRS Standards 2014-2016 Cycle issued in December 2016
Annual Improvements to MFRS Standards 2015–2017 Cycle

 

 (1) About agenda decisions

 Agenda decisions are issued by the IFRS Interpretations Committee (IFRIC).  

The IFRIC works with the IASB in supporting the application of IFRS Standards. All of the IFRIC projects begin as a question regarding an IFRS Standard. The IFRIC may decide not to recommend standard-setting because it concludes that standard-setting is:

  • unnecessary - typically because IFRS Standards provide enough information for a company to determine its accounting or because there is no evidence that a widespread accounting problem exists; or
  • unhelpful - for example, introducing new or amended requirements might assist one company with a particular type of transaction, while raising questions for other companies with slightly different types of transactions.

To explain why it did not recommend standard-setting, the IFRIC publishes an Agenda Decision which often includes information to help companies applying IFRS Standards by explaining how the applicable principles and requirements in IFRS Standards apply to the question submitted.

Agenda decisions do not have the authority of IFRS Standards and therefore, they are not mandatory requirements but they should be seen as helpful, informative and persuasive. The IASB does not ratify Agenda Decisions.

Similar to the IASB, the MASB does not ratify IFRIC Agenda Decisions.

Nonetheless, given that MFRSs are word for word IFRS Standards, MASB expects Agenda Decisions to be helpful and informative in assisting Malaysian entities in the application of MFRSs. Nonetheless, some Agenda Decisions are case specific to a jurisdiction and hence are not relevant in the Malaysian context, for example “Revenue recognition in a real estate contract (IFRS 15 Revenue from Contracts with Customers)—March 2018”. Therefore, entities in Malaysia applying MFRSs shall assess the relevance of Agenda Decisions vis-à-vis the laws and regulations in Malaysia.