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Outreach on the new Revenue Standard

The IASB and the MASB jointly organised an outreach meeting to obtain feedback on the principles of the upcoming new IFRS on Revenue. A total of 84 participants, consisting mostly auditors and property developers attended the meeting.

The IASB was represented by its board member, Mr Prabhakar Kalavacherla and Technical Director, Mr Henry Rees while the MASB was represented by its Chairman, Dato’ Mohammad Faiz Azmi and Executive Director, Ms Tan Bee Leng.

Participants were briefed on the fundamental principles of the upcoming Standard and also took the opportunity to ask for clarification on some of the requirements in the Standard.