Changes and Development of Financial Reporting Standard
The purpose of this report is to record all changes and development of MFRS and IFRS for the 10 weeks from 25 February - 3 May
Nguyen Dinh Bach
Ta Duy Cuong
Le Nguyen Bao Khanh
Leong Yi Yung
CHANGES AND DEVELOPMENT BY MALAYSIAN FINANCIAL REPORTING STANDARDS In February 2013, Malaysian Financial Reporting Standard has issued some investment entities that affect some following MFRS with effective date beginning on 1 January 2014. MFRS 10 – Consolidated Financial Statements
1. An investment entity is an entity that:
* obtains funds from one or more investors for the purpose of providing those investor(s) with investment management services; * commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and * Measures and evaluates the performance of substantially all of its investments on a fair value basis.
2. When an investment entity obtains control of another entity, it shall not consolidate its subsidiaries or apply MFRS 3. Instead, an investment entity will measure an investment in subsidiary at fair value through profit or loss, which is suitable to MFRS 9. MFRS 12 – Disclosure of Interest in Other Entities
When a parent determines that it is an investment entity in accordance with paragraph 27 of MFRS 10, the investment entity shall disclose information about significant judgments and assumptions it has made in determining that it is an investment entity. If the investment entity does not have one or more of the typical characteristics of an investment entity (see paragraph 28 of MFRS 10), it shall disclose its reasons for concluding that it is nevertheless an investment entity. MFRS 127 – Separate Financial Statements
1. When an investment...
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