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:-
|MFRS 111||Construction contracts|
|IC Interpretation 13||Customer Loyalty Programmes|
|IC Interpretation 15||Agreements for the Construction of Real Estate|
|IC Interpretation 18||Transfers of Assets from Customers|
|IC Interpretation 131||Revenue – Barter Transactions involving Advertising Services|
In preparation for the adoption of MFRS 15, we have prepared Salient Points and Impact Review Checklist which are attached herewith for your kind attention.
|What do you need to do to prepare for the implementation of MFRS 15?|
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 following to facilitate your consideration of MFRS 15 and its potential impact on revenue recognition in your respective companies:
Our MFRS 15 technical task team will be contacting you in the coming weeks to schedule a more detailed briefing and discussion with you. Meanwhile, please do not hesitate to contact the following should you have any MFRS 15.
25 January 2018