Important Circular
Dear Valued Clients and Associates
Malaysian Financial Reporting Standards (MFRS): Revenue from Contracts with Customers
- MFRS 15 is effective for companies having financial period beginning on or after 1 January 2018 with early application is permitted.
- MFRS 15 will supersedes several accounting standards which is;-
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MFRS 118 |
Revenue |
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MFRS 111 |
Construction contracts |
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IC Interpretation 13 |
Customer Loyalty Programmes |
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IC Interpretation 15 |
Agreements for the Construction of Real Estate |
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IC Interpretation 18 |
Transfers of Assets from Customers |
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IC Interpretation 131 |
Revenue – Barter Transactions involving Advertising Services |
In preparation for the adoption of MFRS 15, we have prepared Salient Points which are attached herewith for your kind attention.
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What do you need to do to prepare for the implementation of MFRS 15? |
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1. Familiarity and understanding of MFRS 15 by key management and finance managers is strongly encouraged. We are pleased to advise that we have prepared the attached MFRS 15 Salient Points to facilitate your consideration of MFRS 15 and its potential impact on revenue recognition in your respective companies: |
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2. Please do not hesitate to contact our MFRS 15 technical task team, should you require any clarification on MFRS 15.
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Best Regards
25 January 2018