Submitted by: Submitted by wansam
Views: 26
Words: 4502
Pages: 19
Category: Business and Industry
Date Submitted: 04/01/2015 10:52 AM
1.0 Introduction
Normally, the financial reporting standards or accounting standards are set by the government, accounting profession or the independent board. In Malaysia, there are organisations like the Malaysian Institute of Accountants (MIA) and Malaysian Accounting Standards Board (MASB). The standards in Malaysia are known as Malaysian Financial Reporting Standards (MFRS) or simpler, the Financial Reporting Standards (FRS). Then, there are global versions of financial reporting standards like the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).
According to Petreski (2005), International Accounting Standards brings impact to the companies that implement it. Generally, the impacts can be divided into two parts which is the impact to the financial statements and the companies’ management and decision making processes. Furthermore, Maturi (2008) stated that experts in the related fields strongly believe that if companies all around the world adopt the same global accounting standards, it will positively impact companies’ business plans.
However, accounting standards are evolving country by country, there are amendments and updates on the standards from time to time. This is to ensure that the standards are suitable and applicable for the companies in the country. A high quality accounting standards can benefit the companies’ investors, lenders and other capital providers.
In this report, we will discuss on issues and impacts related with the Malaysia Financial Reporting in a few companies that are listed on Bursa Malaysia. The companies that we are going to study includes Fajarbaru Builders Bhd, Hap Seng Plantations Holdings Bhd, Ahmad Zaki Resources Bhd, Shangri-La Hotels (M) Bhd, Far East Holdings Berhad and Pan Malaysia Holdings Bhd. Besides, we will also discuss on the reporting of goodwill, group’s financial statements and separate financial statements.
2.0 Discussion
This section discuss about...