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IC Interpretations (MFRS Framework)

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.

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.

Printed copies are available for sale at the MASB office. Please click here for the publication order form.

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 IC Interpretations corresponds with the equivalent IFRIC Interpretations issued by the IASB. IC Interpretations prefix with “1xx” corresponds with the equivalent SIC.

Standard Title Applicable for annual periods beginning on or after: Issue Date Status Amendments from other Standards (effective after 1 January 2020) Explanatory
IC Int. 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities  1 Jan 2012 19 Nov 2011 Enacted -

BC


IE

IC Int. 2 Members' Shares in Co-operative Entities and Similar Instruments 1 Jan 2012 19 Nov 2011 Enacted - BC
IC Int. 4

Determining whether an Arrangement contains a Lease

[will be superseded by MFRS 16 for periods beginning on or after 1 January 2019]

1 Jan 2012 19 Nov 2011 Enacted -

BC


IE

IC Int. 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds 1 Jan 2012 19 Nov 2011 Enacted - BC
IC Int. 6 Liabilities arising from Participating in a Specific Market - Waste Electrical and Electrical Equipment 1 Jan 2012 19 Nov 2011 Enacted - BC
IC Int. 7 Applying the Restatement Approach under MFRS 129 Financial Reporting in Hyperinflationary Economies 1 Jan 2012 19 Nov 2011 Enacted -

BC


IE

IC Int. 9

Reassessment of Embedded Derivatives

[will be superseded by MFRS 9 for periods beginning on or after 1 January 2018]

1 Jan 2012 19 Nov 2011 Enacted - BC
IC Int. 10 Interim Financial Reporting and Impairment 1 Jan 2012 19 Nov 2011 Enacted - BC
IC Int. 12 Service Concession Arrangements 1 Jan 2012 19 Nov 2011 Enacted

 

-

BC

IG

IE

IC Int. 13

Customer Loyalty Programmes

[will be superseded by MFRS 15 for periods beginning on or after 1 January 2018]

1 Jan 2012 19 Nov 2011 Enacted -

BC


IE

IC Int. 14 MFRS 119 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 1 Jan 2012 19 Nov 2011 Enacted -

BC


IE

Agenda Decision

IC Int. 15

Agreements for the Construction of Real Estate

[will be superseded by MFRS 15 for periods beginning on or after 1 January 2018]

1 Jan 2012 19 Nov 2011 Enacted -

BC

 

IG


IE

IC Int. 16 Hedges of a Net Investment in a Foreign Operation 1 Jan 2012 19 Nov 2011 Enacted -

BC


IE

IC Int. 17 Distributions of Non-cash Assets to Owners 1 Jan 2012 19 Nov 2011 Enacted -

BC


IE

IC Int. 18

Transfers of Assets from Customers

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

1 Jan 2012 19 Nov 2011 Enacted -

BC


IE

IC Int. 19 Extinguishing Financial Liabilities with Equity Instruments 1 Jan 2012 19 Nov 2011 Enacted - BC
IC Int. 20 Stripping Costs in the Production Phase of a Surface Mine 1 Jan 2013 19 Nov 2011 Enacted - BC
IC Int. 21 Levies 1 Jan 2014 6 Sept 2013 Enacted -

BC


IE

IC Int. 22 Foreign Currency Transactions and Advance Consideration 1 Jan 2018 29 Dec 2016 Enacted -

BC

 

IE

IC Int. 23 Uncertainty over Income Tax Treatments 1 Jan 2019 15 Aug 2017 Enacted -

BC

 

IE

IC Int. 107 Introduction of the Euro 1 Jan 2012 19 Nov 2011 Enacted - BC
IC Int. 110 Government Assistance - No Specific Relation to Operating Activities 1 Jan 2012 19 Nov 2011 Enacted - BC
IC Int. 115

Operating Leases - Incentives

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

1 Jan 2012 19 Nov 2011 Enacted -

BC


IE

Agenda Decision

IC Int. 125 Income Taxes - Changes in the Tax Status of an Entity or its Shareholders 1 Jan 2012 19 Nov 2011 Enacted - BC
IC Int. 127

Evaluating the Substance of Transactions Involving the Legal Form of a Lease

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

1 Jan 2012 19 Nov 2011 Enacted

MFRS 17

BC


IG

IC Int. 129 Service Concession Arrangements: Disclosures 1 Jan 2012 19 Nov 2011 Enacted - BC
IC Int. 131

Revenue - Barter Transactions Involving Advertising Services

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

1 Jan 2012 19 Nov 2011 Enacted - BC
IC Int. 132 Intangible Assets - Web Site Costs 1 Jan 2012 19 Nov 2011 Enacted -

 

BC


IE

 

(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.