On 1 August 2008, the FRF and MASB announced their plan to bring Malaysia to full convergence with IFRS by 1 January 2012. IFRSs are used by more than 100 countries around the world, and other economies such as Korea, India and Canada have also announced IFRS convergence by 2011 whilst the United States have issued a proposed roadmap for the potential use of IFRS by US issuers.
IFRS is issued by the International Accounting Standards Board whose mission is to develop, in the public interest, a single set of high quality, understandable and International Financial Reporting Standards (IFRSs) for general purpose financial statements.
As capital markets have become increasingly global, the changeover from Malaysian Financial Reporting Standards to IFRS will help place Malaysian businesses on a level playing field with its international counterparts.
source: Malaysian Accounting Standards Board
