PwC Alert (Issue 78): New MASB standards effective in 2009 - 2010

Alert 78
Download Issue 78 (215 KB)
Issue 78: April 2009

In 2006, corporations in Malaysia experienced a strong wave of accounting standards. The upcoming host of standards and interpretations, that will soon be effective in Malaysia as it moves towards full IFRS convergence in 2012, are more than that. IFRS in itself is a moving target as IFRS and US GAAP seek to converge. As such, the number of standards that will be issued will continue to increase.

This issue and the next (PwC Alert issue No. 79) seek to highlight key changes, some of which are likely to cause massive changes to current accounting practises of corporations - impacting bottom line and even changing the landscape of the entire set of financial statements. Will these affect key ratios? Loan covenants?

Read PwC Alert issue 78 for further discussions of the upcoming standards and interpretations.

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.