Global Standards for the world economy

Monday 24 February 2020

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Malaysia profile updated

 02 September 2014

We have modified the profile on use of IFRS in Malaysia to reflect a recent decision by the Malaysian Accounting Standards Board (MASB) to require IFRS for all non-private entities.

While most non-private entities in Malaysia had begun using IFRS in 2012, the MASB had permitted real estate developers and agricultural entities to continue to use the former Malaysian national GAAP until the IASB completed its projects on revenue recognition and bearer biological assets. Those projects are now completed, and the MASB has adopted IFRS 15 Revenue from Contracts with Customers and the recent bearer plant revisions to IAS 41 Agriculture.

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