Revenue recognition will fundamentally change with the new proposed standard on revenue. IASB issued an exposure draft on "Revenue from contracts with customers" in June 2010, which has significant impact on financial reporting. Given Malaysia's plan to converge with IFRS, the new revenue standard, when finalised, will be adopted without amendments with the same effective date. It is therefore important for us in Malaysia to consider and influence the standard within the comment period which ends on 22 October 2010.
Read PwC Alert 83 for more on how this affects reporting entities.
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.