“ Financial reporting is no longer just about balancing the books, it’s a public responsibility with global impact. ”
Dato' Johan Raslan,
|Corporate reporting should reflect the impact of management’s business strategies and is constantly revolving to report the reality of the performance of the company
It has been over three years since the Malaysian Financial Reporting Standards (FRS) was first implemented w.e.f. 1 January 2006, impacting the non-private entities in Malaysia.
Although affected companies have had two years of reporting under FRS, it is important that management continues to stay abreast of developments of financial reporting standards in order to consistently reflect the performance of the company under the current requirements and best practices. Complex areas like fair values, estimations and judgements will continue to be a challenge.
It is also important to note that private entities may also be affected by developments in financial reporting standards, namely those required to report to parent companies which are reporting under International Financial Reporting Standards (IFRS). On the international front, there will be a repertoire of new and revised IFRS and interpretations scheduled to be effective in 2009 – this emphasises the need to keep connected with global developments.
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