Effective from 1 Jan 2012, all Malaysia companies have to full compliance with IFRS, however the Private entities not affected & will continue to comply with PERS.
The more awaiting standard FRS 139 will be effective in 1 Jan 2010.
FRS 139 was issued in 2006 and the effective date was deferred in view of the feedback that entities were not ready to comply with FRS 139. We have discussed with the stakeholders and believe that 2010 would give entities fair preparation time.
Entities are not allow to deferred to comply the standards, as entities are currently given more than 3 years of advanced notice on the convergence plan and hence, should have ample time to put in place the necessary resources to ensure they are ready for the changeover in 2012.
So ensure we all are prepare for this new challenge..
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