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.