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Meeting with GLCs on Upcoming Changes to FRSs

Meeting with GLCs on Upcoming Changes to FRSs

A meeting between the MASB and representatives of GLCs was held to update the participants on the upcoming changes to FRSs and to seek feedback and concerns on the standards.

MASB Technical Director, Tan Bee Leng presented to participants an overview of the upcoming standards such as MASB ED 73 Related Party Disclosure, IASB ED on Revenue from Contracts with Customers, IASB ED on Leases and revised consolidation standard. The participants were also briefed on the changes to MASB due process. Based on the ‘new’ due process, there will be no ‘second’ due process i.e exposure of IASB standards as MASB exposure draft. MASB will seek comments from the Malaysian public at the IASB ED stage.