Momentum building up in Malaysia

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13 Δεκ 2013 (πριν από 3 χρόνια και 7 μήνες)

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Momentum building up in Malaysia



12 April 2011


Capital Market
Masterplan 2 (CMP2), the blueprint for
the development of the Malaysian
capital market over a ten
-
year period,
was launched.



To ensure the success of the plans for
the development of the Malaysian
capital market, CMP2 also
emphasised on the importance of
investor protection and governance


Momentum building up in Malaysia

Source: www.sc.com.my


Momentum building up in Malaysia


11 June 2011, the SC followed up with
the launch of its five
-
year
Corporate
Governance Blueprint



Contains SC’s action plan to
raise the
standards of corporate governance

by strengthening self and market
discipline, and promoting greater
internalisation of the culture of good
governance.



One of the themes covered in the
blueprint is
‘Disclosure and
Transparency’
, => promote a more
effective disclosure of non
-
financial
information


Effective disclosure of non
-
financial
information


towards integrated
reporting




Source: www.sc.com.my


Momentum building up in Malaysia

ASEAN EXCHANGES


6 countries


7 exchanges


3,613 companies


538 million people


Combined GDP of USD1.8 trillion


Market capitalisation of > USD2 trillion



A Malaysian company can list on any ASEAN Exchange


In 2012, a Malaysian company will be more easily traded by an
ASEAN investor regardless of where it is listed



Momentum building up in Malaysia

Bursa Malaysia’s aims to:



Galvanise to ensure Malaysia is
at the centre for trade flow in the
ASEAN CAPITAL MARKET



DRIVE ASEAN EXCHANGE LEADERSHIP


a)
Malaysia Exchange Leadership

-
National Strength; Regulatory Framework; Market Tenacity

b)
ASEAN Connectivity

-
ASEANLink with minimal investment by brokers; platform expected to
go ‘live’ shortly

c)
M
ALAYSIA AS YOUR CENTRE


especially for Malaysian firms




Developments in other Stock Exchanges


Countries such as Australia, Canada, South Africa, Norway and
Denmark have started to move from CSR reporting towards
integrated reporting



In February 2010, the JSE, through its listings requirements, made it
compulsory for all listed companies to comply with King III, including
the
requirement for a company to produce an integrated report

for its financial year starting on and after 1 March 2010, or to explain
why it was not doing so




XBRL Format of Reporting

For Financial Statements


XBRL seen as an alternative format to ensure that the information
lodged with SSM is accurate and correct.



SSM also promotes the adoption of XBRL as a
nation wide format
to be used by key agencies such as Central Bank, Inland Revenue
Board, Securities Commission and Bursa Malaysia and building of
extension taxonomies by such agencies



SSM’S XBRL project implementation commenced in 2010 and the
1
st

phase (operationalisation) is expected to be completed in 2013
with lodgement of financial statement in XBRL format on voluntary
basis and will eventually be mandatory reporting






ANNOUNCEMENTS BY MASB


MASB issued internationally compliant
accounting framework and new FRSs (19
November 2011)


New MASB approved accounting framework, the
Malaysian Financial Reporting Standards
(MFRS Framework).

ANNOUNCEMENTS BY MASB


MFRS Framework comprises Standards as
issued by the International Accounting
Standards Board (IASB) that are effective on 1
January 2012. It also comprises new/revised
Standards recently issued by the IASB effective
after 1 January 2012 such as Standards on
financial instruments, consolidation, joint
arrangements, fair value measurement and
employee benefits, etc.





ANNOUNCEMENTS BY MASB


Issued new/revised FRSs:

a)
FRS 9
Financial Instruments
,

b)
FRS 10
Consolidated Financial Statements
,

c)
FRS 11
Joint Arrangements
,

d)
FRS 12
Disclosure of Interests in Other Entities
,

e)
FRS 13
Fair Value Measurement
,

f)
FRS 119
Employee Benefits
,

g)
FRS 127
Separate Financial Statements
, and

h)
FRS 128
Investments in Associates and Joint Ventures
,

i)
four limited amendments to FRSs and a new
Interpretation (IC 20).

ANNOUNCEMENTS BY MASB


MASB seeks views (RFV) on financial reporting by
private entities


Previous exposure drafts (ED):

a)
ED 52
Private Entity Reporting Standards (2006)
,

b)
ED 72
Financial Reporting Standards for Small and
Medium
-
sized Entities

(2010) and

c)
ED 74
Amendments to Financial Reporting Standards
arising from Reduced Disclosure Requirements
(2010).


ANNOUNCEMENTS BY MASB


MASB seeks views (RFV) on financial reporting by
private entities


Questions to be addressed:

a)
Whether the existing Private Entity Reporting Standards
(PERS) should be replaced by ED

52, ED 72 or ED 74?

b)
Whether there are any immediate changes that the PERS
framework requires if private entities continue applying it
until the new standards are in place

c)
Whether the proposed timeframe is sufficient to enable a
private entity to properly transition to the new financial
reporting requirements?

WORKPLAN OF IASB @ 13 March 2012


WORKPLAN OF IASB @ 13 March 2012


WORKPLAN OF IASB @ 13 March 2012


SUMMARY


Besides all the future technical updates


Given the future goals to make Malaysia a regional
financial centre


Good corporate governance => important


Investors and every other stakeholder have become
more sophisticated


Businesses more complex


Expectations continue to rise


Sustainability Reporting and Integrated Reporting


compulsory or voluntary?


ED on Integrated Reporting Framework expected in
2012


XBRL


SUMMARY


In the words of Karim Raslan:




“ …….. we live in an ERA OF FULL DISCLOSURE.”









The Star, 20 March 2012