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Analysis of Current Disclossure Practices by Top 50 Approved Companies in Malaysia

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IFRS are accounting standards issued by the IASB, an independent organization based in London, UK. They purport to be a set of rules that ideally would apply equally to financial reporting by public companies worldwide. Between 1973 and 2000, international standards were issued by the IASB’s predecessor organization, the International Accounting Standards Committee (IASC), a body established in 1973 by the professional accountancy bodies in Australia, Canada, France, Germany, Japan, Mexico, Netherlands, United Kingdom and Ireland, and the United States. IFRS are forefront on the immediate agenda because, starting in 2005, listed companies in Europe Union countries are required to report consolidated financial statements prepared according to IFRS. At the time of speaking, companies are preparing for the release of their first full-year IFRS compliant financial statements. Investors have seen interim reports based on IFRS, but have not yet experienced the full gamut of year-end adjustments that IFRS might trigger.
In Malaysia, formal financial reporting standard setting activities commenced during the early 1970s. A technical committee was formed in 1971 with the remit to act on a letter dated 10 September 1971 sent by Bank Negara to the President of Malaysian Association of Certified Public Accountants (MACPA). MACPA is now known as Malaysia Institutes of Certified Public Accountants (MICPA). It is set up by individuals as a private association in 1958 (Susela, 1999). After an extended hiatus marked by a high level of inactivity, the Malaysian Institute of Accountants (MIA) was approached to develop a standard in 1987. A key development in the regulation of financial reporting in Malaysia transpired in July 1997, when the Financi...


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...adebaugh, L., S. J. Gray, et al. (2006). International Accounting and Multinational Enterprises, Wiley, John & Sons, Incorporated.
Sevin, S., Schroeder, R. and Bhamornsiri, S. (2007). Transparent Financial Disclosure and SFAS No. 142, Managerial Auditing Journal 22(7), 674- 687.
Susela, S. D. (1999). “Interest” and Accounting Standard Setting in Malaysia Accounting, Auditing & Accountability Journal 12(3), 358-387.
Teodori, C. and M. Veneziani (2007). Intangible Assets in Annual Reports: A Disclosure Index (3rd Annual Workshop). European Financial Reporting Research Group - Accounting in Europe, Paris.
Wallace, R. S. O. and K. Naser (1995). "Firm-Specific Determinants of the Comprehensiveness of Mandatory Disclosure in the Corporate Annual Reports of Firms Listed on the Stock Exchange of Hong Kong." Journal of Accounting and Public Policy Vol. 14: pp. 311-368.



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