PwC Alert (Issue 126): MFRS 16 ‘Leases’

The MASB has issued a MFRS on "Leases" - MFRS 16 which supersedes MFRS 117 ‘Leases’ and the related interpretations. MFRS 16 will be effective for annual periods beginning on or after 1 January 2019. Earlier application is permitted for companies that have also applied MFRS 15 ‘Revenue from Contracts with Customers’.

This Alert gives an overview of MFRS 16 and highlights its expected impact on a company’s financial statements as well as discusses the transition to MFRS 16 when the standard becomes effective.

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.