MFRS - Malaysian Financial Reporting Standards

Entities Other Than Private Entities (see note below) shall apply the MFRS framework for annual periods beginning on or after 1 January 2012, with the exception of entities that are permitted in the alternative to apply the Financial Reporting Standards (FRS) framework.

Pursuant to the MASB Notice issued on 28 October 2015 entitled ‘Amendment to the effective date and applicability of the Malaysian Financial Reporting Standards', entities that have in the alternative chosen to apply FRSs shall comply with MFRSs for annual periods beginning on or after 1 January 2018. Early application of the MFRS framework is permitted.

Note: Definition of a Private Entity

A private entity is a private company incorporated under the Companies Act 1965, that:

- is not itself required to prepare or lodge any financial statements under any law administered by the Securities Commission or Bank Negara Malaysia; and

- is not a subsidiary or associate of, or jointly controlled by, an entity which is required to prepare or lodge any financial statements under any law administered by the Securities Commission or Bank Negara Malaysia

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