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he public listed companies that operate in Malaysia are required to present balance sheet, income statement, statement showing changes in equity and notes to the account in their annual report according to the national standards, MFRS 1. In addition, compliance with national standards will automatically ensure the conformity with all aspect of IAS 1.

4.0会计原则 Accounting principles
As mentioned above, MASB together with FRF is one of the main authorities in regulating accounting standards in Malaysia. The accounting standards adopted in Malaysia is known as Financial Reporting Standards (FRS). It was first implemented in 1 January 2006 and it had brought a significant effect to the companies in Malaysia. Some of the FRS is discussed as below:

FRS 5 Non-current assets held for sale and discontinued operations:
Requirement in classification, presentation and measurement under this standard is applied to all recognised non-current assets and also all the disposal groups within an organisation. FRS 5 is complied with IFRS 5 except for the effective date of the transitional provision where FRS 5 should be applied prospectively to the non-current asset that is classified as held for sale and operations that is classified as discontinued after the effective date of FRS.

FRS 101 Presentation of financial statements:
This standard requires entities in Malaysia to prepare and present general purpose of financial statements in accordance with requirements of FRS. FRS 101 is complied with IAS 1 (2003) but not IAS 1 (2005). This is because amendments to IAS 1 (2005) on capital disclosure have not been included in FRS 101.

FRS 102 Inventories:
This standard applies to all inventories except work in progress under construction contracts, biological assets relating to agricultural activity and financial instruments. FRS 102 is consistent with IAS 2 (amended in 2005).

FRS 107 Cash flow statement:
Entities in Malaysia are required to prepare cash flow statement showing inflow and outflow of cash and cash equivalents within an organisation with the requirements under this standard as it is part of the complete set of financial statements.FRS 107 is complied with IAS7(amended in 2005).

FRS 116 Property, plant and equipment:
This standard should be incorporated in accounting for property plant and equipment unless another standard indicated a special or different accounting treatment. However it does not apply in items which are classified as held for sale, biological assets related to agriculture activities, the recognition and measurement of exploration and evaluation assets as well as natural resources such as mineral and oil. FRS 116 is consistent with IAS 16 except for the transitional provision for those entities that had recognised their property plant and equipment at revalued amounts MASB Approved Accounting Standards IAS 16 for the first time upon the implementation in 1998.

FRS 117 Leases:
Accounting on leases should follow the requirements under this standard except leases to explore natural resources and licensing agreements. FRS 117 is complied with IAS 17 except that leasehold land which is previously revalued should hold the unamortised revalued amount as the alternative carrying amount for prepaid lease payments.

FRS 123 Borrowing costs:
Entities are required to apply