On 19 November 2011, the Malaysian Accounting Standards Board (MASB) issued MFRS 10 Consolidated Financial Statements as part of the full set of the MFRS Framework. A similar FRS 10 Consolidated Financial Statements was also issued on the same date for the FRS Framework. Both the MFRS 10 and FRS 10 are identical to the IFRS 10 Consolidated Financial Statements issued by the International Accounting Standards Board (IASB). The Standards will be effective for annual periods beginning on or after 1 January 2013, with early application permitted.
We believe the Standard may affect a number of non-private entities and to assist you to have a better understanding of the MFRS 10/ FRS 10, we are providing a link to the following publications and articles, which we hope you will find them useful for your reference:
IFRS 10 Publications
1. A Practical Guide to IFRS – Consolidated Financial Statements
2. Challenges in adopting and applying IFRS 10
3. First Impressions: Consolidated Financial Statements
4. IFRS in Focus: IASB issues new standard on consolidation
We have obtained permission from the firms to provide the link to their respective publication. Should you require more information or have any enquiries on these publications, please contact the respective firms directly.
IFRS 10 Article
A Single Control Model for Consolidation, Involvement with Other Entities and Fair Value Measurement – A Review of IFRSs 10-13