Is YOUR Accounting System Compliant with FRS 139?

Published: Monday December 7, 2009 MYT 1:01:00 PM
Updated: Monday December 7, 2009 MYT 2:49:46 PM

Firms must ensure staff understand new accounting standards

KUALA LUMPUR: Companies must ensure their accounting and finance division staff understand the requirements of the Financial Reporting Standard (FRS) 139 which will be implemented effective Jan 1, 2010.

Malaysian Accounting Standards Board FRS 139 - Financial Instruments: Recognition and Measurement, is a standard that requires companies to adopt fair value accounting in valuing financial instruments in their books, which in turn, will have wide implications for their investments and debts including inter-company loans.

Dr Nordin Mohd Zain, Deloitte KassimChan Executive Director for Global Financial Services Industry Group, said there was sufficient budget set aside for skills building to handle FRS 139 standard and impending changes to the standard.

"With the final countdown, all public-listed companies and financial institutions are well aware of the deadline, but they also needed to ensure their staff understand the FRS 139 requirements that their accounting processes and IT systems are upgraded to handle market data and impairment calculations," he told Bernama in an interview.

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More news and information on FRS139, please visit PriceWaterHouse Coopers or TheEdgeMalaysia

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