MFRS 3: Purchase Price Allocation in a Business Combination
The article provides an overview on the practical aspects of purchase price allocation (PPA) including how fair values of intangible assets and goodwill are ascertained on a business combination event under MFRS 3.
Financial Reporting Disclosures: Driving Compliance Towards Better Communication in Financial Reporting
In providing guidance to members on good financial reporting, the Financial Statements Review Committee (FSRC or the Committee) wishes to highlight common deficiencies arising from the review of financial statements of public listed entities for the review period from July 2019 to June 2020.
Transfer Pricing Guidance on COVID-19 Impact – Part 2
This article is a continuation of Part 1 covering guidance on the transfer pricing implications of the COVID-19 pandemic (the Guidance Note) issued by the Organisation for Economic Cooperation and Development (OECD).
Transfer Pricing Guidance on COVID-19 Impact – Part 1
On 18 December 2020, the Organisation for Economic Cooperation and Development (OECD) issued a guidance note on the transfer pricing implications of the COVID-19 pandemic (the Guidance Note).
Advance Pricing Agreement (APA): Ensuring Certainty in Uncertain Times
Transfer Pricing (TP) risk has never been as high for MNEs as it is today due to additional reporting requirements and exchange of information emanating from Base Erosion and Profit Shifting (BEPS) action plans issued by the Organisation for Economic Co-operation and Development (OECD).
Plugging the Gaps in the Audit of Biological Assets
Auditors are expected to exercise a high degree of vigilance when conducting the audit of biological assets, an area where subjectivity, judgements and estimates abound.
Updates on International Tax Developments: Global Financial Centres
How BEPS and BEPS 2.0 – digital economy is affecting global financial centres including Labuan IBFC
The Retirement of LIBOR
The end of LIBOR is certain, and this has wide implications on financial instruments, including disclosures in financial statements where firms have LIBOR exposure. Some clarity will be given here as to why an orderly and timely transition to a new benchmark rate cannot be delayed much longer.
COVID-19 – Business Realignment and Tax Considerations
Businesses are scrambling to re-evaluate their strategies in the wake of the COVID-19 crisis, and this includes assessing the impacts of direct and indirect taxes of current operations as well as new strategies.
The Impact of the IFRIC Agenda Decision on Over Time Transfer of Constructed Good (IAS 23 Borrowing Costs)
In March 2019, the IFRS Interpretations Committee (IFRIC) issued an Agenda Decision on IAS 23 Borrowing Costs relating to capitalisation of borrowing costs in relation to the construction of a residential multi-unit real estate development (building).
Road to Recovery: Government Introduces New Economic Recovery Programme Worth RM20 Billion
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