Tan, Liong Tong (2016) An Executive Summary of MFRS 16 Leases. Piawaian Pelaporan Kewangan Malaysia.
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Abstract
In April 2016, the MASB issued MFRS 16 Leases to introduce a new model for lessee accounting. The effective date of MFRS 16 is 1 January 2019. The new model would affect reporting entities with significant off-balance sheet leasing activities and may bring about fundamental changes to their current practice on operating leases. Users of financial statements have consistently expressed concerns that the current IAS 17 has resulted in many assets and liabilities under lease contracts not being recognised on the balance sheet (i.e. off-balance sheet). The IASB noted that listed companies using IFRS or US GAAP disclosed almost US$ 3 trillion of off-balance sheet lease commitments in 2014. In 2005, the US Securities and Exchange Commission (SEC) expressed concerns about the lack of transparency of information on lease obligations, reiterating concerns already expressed by investors and other users of financial statements.
| Item Type: | Article |
|---|---|
| Divisions: | Government Publication > Goverment organizations |
| Depositing User: | Esam @ Hisham Muhammad |
| Date Deposited: | 02 Jan 2024 06:05 |
| Last Modified: | 02 Jan 2024 06:05 |
| URI: | http://odlsystem2.utm.my/id/eprint/4421 |
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