PwC Alert (Issue 77): IFRS convergence in 2012: What does it mean for Malaysia?

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Issue 77: April 2009 The Financial Reporting Foundation (FRF) and Malaysian Accounting Standards Board (MASB) announced on 1 August 2008 their plans to bring Malaysia's Financial Reporting Standards (FRS) to full convergence with International Financial Reporting Standards (IFRS) by 1 January 2012. With Malaysia's convergence to IFRS, Malaysian corporate reporting stakeholders should contribute to the standard setting process of the International Accounting Standards Board (IASB) and influence the IASB's direction by commenting on IASB's discussion papers and exposure drafts before the issuance of a standard. This is to ensure that IFRSs issued take into account the perspective of developing countries such as ours. Read PwC Alert issue 77 for more on IFRS covergence in 2012.

PwC Alert is a digest of topical financial and business information for clients and business associates of PwC Malaysia. Whilst every care has been taken in compiling this newsletter, we make no representations or warranty (expressed or implied) about the accuracy, suitability, reliability or completeness of the information for any purpose. PwC Associates Sdn Bhd, its employees and agents accept no liability, and disclaim all responsibility, for the consequences of anyone acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. Recipients should not act upon it without seeking specific professional advice tailored to your circumstances, requirements or needs.