MASB Announcement MFRS 3 and MFRS 101/108

Kuala Lumpur 14 December 2018-  The Malaysian Accounting Standards Board (MASB) announce in a press release today clarifications with regards to the definition of "business" and the definition of "Material".

(a)     Definition of a Business (Amendments to MFRS 3 Business Combinations).

(b)    Definition of Material (Amendments to MFRS 101 Presentation of Financial Statements and Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors).

The amendments were triggered by amendments of Definition of a Business (Amendments to IFRS 3 Business Combinations) and Definition of Material (Amendments to IAS 1 Presentation of Financial Statements and Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors) respectively issued by the International Accounting Standards Board.

Members are encouraged to read further on this matter at http://www.masb.org.my/press_list.php?id=301