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Malaysia reveals convergence timeline

Malaysia is set to fully converge with IFRS by 1st January 2012. The Malaysian Financial Reporting Foundation and Malaysian Accounting Standards Board (MASB) said by 2012 all approved accounting standards applicable to entities other than private entities would converge.

Malaysia has operated a two-tier financial reporting system for private and non-private entities since 2006. The country’s financial reporting standards were made identical to IFRS last year.

MASB chairman Dato’ Zainal Abidin Putih said the convergence plan would not affect private entities that were currently applying the Private Entity Reporting Standards (PERS). Private entities will continue to apply PERS until the MASB decides otherwise.

Dato’ Zainal added: “Since 1978, we have been incorporating the provisions of the international standards into our local accounting standards and today we are convinced that by becoming fully IFRS compliant Malaysia’s capital and financial market will be further enhanced.

“We hope that with this advanced notice, companies will have sufficient time to prepare themselves for the changeover. Only a few more substantive standards need to be formally adopted between now and 2012, and we have already discussed those with the affected parties,” he said.

Korea, India and Canada have announced plans to converge with IFRS by 2011.

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