FRS: Staying on track

Financial reporting is no longer just about balancing the books, it’s a public responsibility with global impact.

Dato' Johan Raslan,
PwC Malaysia Executive Chairman

  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.

How we can help
  1. Implementation solutions
  2. Training programmes
  3. Updates and publications
Implementation solutions

We offer a full range of FRS/IFRS solutions. Our FRS Team will give you the support and guidance you need throughout the implementation process.
  • Analyse and assess your company’s current status on the requirements of each FRS/IFRS;
  • Restatement of comparatives;
  • FRS/IFRS compliance deliverables;
  • Project management including assisting your FRS/IFRS project team and technical assistance;
  • Communication strategy to stakeholders.
Training programmes

Looking for an extensive FRS/IFRS training programme on the broad range of topics? You are on the right page. The PwC Corporate Reporting Training Team conducts public, as well as company-specific workshops for individual companies or groups on FRS/IFRS.
  • Company-specific FRS/IFRS workshop at your premise;
  • General FRS/IFRS workshop including awareness programmes will be publicised via appropriate channels when scheduled.
Updates and publications

Get insights and perspectives on FRS and IFRS updates from our experienced team. Type "FRS Malaysia" in the search button on the top right of the page for more FRS/IFRS related articles.