MFRS framework to be adopted by real estate and agriculture cos from Jan 1, 2017

PETALING JAYA: The Malaysian Accounting Standards Board has announced that transitioning entities (TEs) shall be required to apply the Malaysian Financial Reporting Standards (MFRS) framework for annual periods beginning on or after Jan,1 2017.
TEs comprise entities that are within the scope of MFRS 141 Agriculture and/or IC interpretation 15 agreements for the construction of real estate, including the parent, significant investor(s) and joint venture(s).
Generally, TEs are entities involved in the real estate and agriculture industries that had been given the option to continue applying the Financial Reporting Standards (FRS) framework.
In 2012, non-private entities were required to adopt the MFRS framework, an IFRS-compliant framework. While a substantial number of entities of the capital market did so the board at the time concluded that it would be reasonable to allow TEs to defer the adoption of the MFRS framework in view of the imminent changes to the agriculture and revenue standards by the IASB.