{"id":975,"date":"2021-03-11T03:00:29","date_gmt":"2021-03-11T03:00:29","guid":{"rendered":"https:\/\/azc.com.my\/v1\/?page_id=975"},"modified":"2023-07-09T14:47:36","modified_gmt":"2023-07-09T06:47:36","slug":"financial-reporting-standards-frs","status":"publish","type":"page","link":"https:\/\/azc.com.my\/v1\/financial-reporting-standards-frs\/","title":{"rendered":"Financial Reporting Standards (FRS)"},"content":{"rendered":"<div id='av_section_1'  class='avia-section main_color avia-section-default avia-no-border-styling  avia-full-contain av-parallax-section avia-bg-style-parallax  avia-builder-el-0  el_before_av_one_fifth  avia-builder-el-first   av-medium-hide av-small-hide av-mini-hide av-minimum-height av-minimum-height-20  container_wrap sidebar_right' style=' '  data-section-bg-repeat='contain' data-av_minimum_height_pc='20'><div class='av-parallax' data-avia-parallax-ratio='0.3' ><div class='av-parallax-inner main_color  avia-full-contain' style = 'background-repeat: no-repeat; background-image: url(https:\/\/azc.com.my\/v1\/wp-content\/uploads\/2021\/03\/FRS1.jpg);background-attachment: scroll; background-position: top left; ' ><\/div><\/div><div class='container' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-975'><div class='entry-content-wrapper clearfix'><\/div><\/div><\/main><!-- close content main element --><\/div><\/div><div id='after_section_1'  class='main_color av_default_container_wrap container_wrap sidebar_right' style=' '  ><div class='container' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-975'><div class='entry-content-wrapper clearfix'>\n<div class=\"flex_column av_one_fifth  flex_column_div av-zero-column-padding first  avia-builder-el-1  el_after_av_section  el_before_av_three_fifth  avia-builder-el-first  \" style='border-radius:0px; '><\/div>\n<div class=\"flex_column av_three_fifth  flex_column_div av-zero-column-padding   avia-builder-el-2  el_after_av_one_fifth  el_before_av_one_fifth  \" style='border-radius:0px; '><div  style='padding-bottom:10px; ' class='av-special-heading av-special-heading-h1  blockquote modern-quote modern-centered  avia-builder-el-3  avia-builder-el-no-sibling  '><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >The Malaysian Financial Reporting Standards (MFRS)<\/h1><div class='special-heading-border'><div class='special-heading-inner-border' ><\/div><\/div><\/div><\/div>\n<div class=\"flex_column av_one_fifth  flex_column_div av-zero-column-padding   avia-builder-el-4  el_after_av_three_fifth  el_before_av_two_fifth  \" style='border-radius:0px; '><\/div>\n<div class=\"flex_column av_two_fifth  flex_column_div av-zero-column-padding first  avia-builder-el-5  el_after_av_one_fifth  el_before_av_three_fifth  column-top-margin\" style='border-radius:0px; '><div  class='avia-image-container avia_animated_image avia_animate_when_almost_visible fade-in av-styling-    avia-builder-el-6  avia-builder-el-no-sibling  avia-align-center '  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\"  ><div class='avia-image-container-inner'><div class='avia-image-overlay-wrap'><img decoding=\"async\" class='wp-image-986 avia-img-lazy-loading-not-986 avia_image' src=\"https:\/\/azc.com.my\/v1\/wp-content\/uploads\/2021\/03\/FRS-495x400.jpg\" alt='' title='FRS' height=\"400\" width=\"495\"  itemprop=\"thumbnailUrl\"  \/><\/div><\/div><\/div><\/div>\n<div class=\"flex_column av_three_fifth  flex_column_div av-zero-column-padding   avia-builder-el-7  el_after_av_two_fifth  avia-builder-el-last  column-top-margin\" style='border-radius:0px; '><article  class=\"iconbox iconbox_left    avia-builder-el-8  avia-builder-el-no-sibling  \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class=\"iconbox_content\"><header class=\"entry-content-header\"><div class=\"iconbox_icon heading-color\" aria-hidden='true' data-av_icon='\ue84e' data-av_iconfont='entypo-fontello'  ><\/div><h3 class='iconbox_content_title  '  itemprop=\"headline\"  >Financial Reporting Standards (FRS)<\/h3><\/header><div class='iconbox_content_container  '  itemprop=\"text\"  ><h6>Overview of FRS<\/h6>\n<h6>MFRS\/ IFRS<\/h6>\n<p>The Malaysian Financial Reporting Standards (MFRS) framework was introduced by the Malaysian Accounting Standards Board (MASB) and came into effect on 1 January 2012.<\/p>\n<p>It is fully compliant with the International Financial Reporting Standards (IFRS) framework, which enhances the credibility and transparency of financial reporting in Malaysia.<\/p>\n<p>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.<\/p>\n<h5>MPERS<\/h5>\n<p>The MPERS is a self-contained Standard that is applicable only to private entities. The accounting requirements of the MPERS are word-for-word the IFRS for SMEs (International Financial Reporting Standards for Small and Medium-sized Entities) issued by the IASB except for the requirements on Property Development Activities (Section 34 Specialised Activities).<\/p>\n<p>In short, it is an internationally regulated standard for SMEs and a relief from MFRS\/ IFRS complex and extensive disclosure requirements.<\/p>\n<h5>MPSAS<\/h5>\n<p>The International Public Sector Accounting Standards Board\u00ae (IPSASB\u00ae) works to improve public sector financial reporting worldwide through the development of IPSAS\u00ae, international accrual-based accounting standards, for use by governments and other public sector entities around the world.<\/p>\n<p>In Malaysia, it\u2019s MPSAS. If you are a government related agency that require financial reporting to be in compliance with MPSAS\/ IPSAS, we are here at your service to ensure compliance on certain complex requirement of the standard.<\/p>\n<\/div><\/div><footer class=\"entry-footer\"><\/footer><\/article><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-975","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/azc.com.my\/v1\/wp-json\/wp\/v2\/pages\/975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/azc.com.my\/v1\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/azc.com.my\/v1\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/azc.com.my\/v1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/azc.com.my\/v1\/wp-json\/wp\/v2\/comments?post=975"}],"version-history":[{"count":10,"href":"https:\/\/azc.com.my\/v1\/wp-json\/wp\/v2\/pages\/975\/revisions"}],"predecessor-version":[{"id":1116,"href":"https:\/\/azc.com.my\/v1\/wp-json\/wp\/v2\/pages\/975\/revisions\/1116"}],"wp:attachment":[{"href":"https:\/\/azc.com.my\/v1\/wp-json\/wp\/v2\/media?parent=975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}