PwC Alert (Issue 79): New MASB standards effective in 2010-2011 (Part 2)

Alert 79
Download Issue 79 (727 KB)

Issue 79: October 2009

As Malaysia plans for convergence with IFRS, IFRS itself is being revamped because the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are working together to develop a common set of high quality global standards. Hence, we are converging with a moving target.

This issue of PwC Alert, together with Issue 78 (April 2009), seek to highlight the rationale behind the changes announced to date, what the key changes are, and their potential implications to Malaysian entities.

In PwC Alert issue 79:

  • Business combinations
  • Agreements for the construction of real estate
  • Distribution of non-cash assets to owners
  • Transfer of assets from customers
  • Leasehold land may be classified as property, plant and equipment

Read PwC Alert issue 79 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.