The Malaysian Financial Reporting Standards (MFRS)

Are you ready?

Overview of MFRS

The Malaysian Financial Reporting Standards (MFRS) framework was introduced by the Malaysian Accounting Standards Board (MASB) and came into effect on 1 January 2012.

It is fully compliant with the International Financial Reporting Standards (IFRS) framework, which enhances the credibility and transparency of financial reporting in Malaysia.

The adoption of the MFRS framework was a significant milestone for the capital market. Entities can now assert that their financial statements are in full compliance with the IFRS.

However, the introduction and implementation of major new standards brings with it its own set of challenges.

PwC is committed to working with you to provide practical application guidance in implementing these standards. Our continued conversations with regulators and industry experts allow us to bring the right insight and experience to help you stay up-to-date with the changes.

Related blogs on MFRS

3 results

01/12/17

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MFRS 15 implementation challenges in the automotive industry

In this third blog post, our Assurance Executive Director Mahesh Ramesh discusses the challenges the Malaysian automotive industry faces in implementing MFRS 15.

17/11/17

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MFRS 15 implementation challenges in the telecommunications industry

In this blog post, our Assurance Executive Director Kuan Sook Fern discusses some of the challenges that Malaysian telcos face in implementing MFRS 15.

03/11/17

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One step closer to MFRS 15

Our Assurance Executive Directors Tay Choon Ling and Mahesh Ramesh talk about MFRS 15 and some of the key changes we can expect from the new revenue recognition model.

Related PwC Alerts

4 results

15/04/16

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

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.

15/11/15

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PwC Alert (Issue 124): Malaysian Private Entities Reporting Standards (MPERS)

This Alert discusses the Malaysian Private Entities Reporting Standards (“MPERS”), launched on 27 October 2015. It highlights some of the key differences with the Malaysian Financial Reporting Standards (“MFRS”) and the Private Entities Reporting Standards (“PERS”), and analyses the key principles upon first-time...

15/09/15

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PwC Alert (Issue 123): Embracing the new financial instruments standard – MFRS 9

This Alert talks about MFRS 9, which will replace the existing MFRS 139 “Financial Instruments: Recognition and Measurement” from 1 January 2018.

15/12/14

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PwC Alert (Issue 121): Are you ready for MFRS 15

This Alert looks at the new revenue standard, MFRS 15, its impact to you beyond accounting and how we can help.

Related news

3 results

02/01/19

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How will your business be impacted by the new lease accounting standard?

MFRS 16 overhauls accounting of leases by lessees, presenting various implications to businesses, beyond the scope of finance, says Foo Wee Liam, Assurance Executive Director, PwC Malaysia.

11/09/17

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Banks brace for MFRS 9 impact (The Edge)

The impact of MFRS 9 on financial institutions would vary from bank to bank, depending on their loan composition, customer risk profiles and regulatory reserve buffers, says PwC Malaysia Assurance Partner and Risk Assurance Services leader Elaine Ng.

10/10/16

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IFRS 9 may make loans more expensive for borrowers (The Edge)

The implementation of IFRS 9 may have implications on banks' earnings, as banks will have to switch from using an incurred loss model to an expected credit loss (ECL) model when extending loans, says PwC Malaysia Assurance Partner Elaine Ng.