According to MASB, it is a “narrow-scope amendment” and the aim of the amendment is to improve the usefulness of comparative information for investors on the initial application of MFRS 17.
KUALA LUMPUR: The Malaysian Accounting Standards Board (MASB) has issued a slight amendment to the Malaysian Financial Reporting Standards (MFRS) 17 for insurance contracts, which comes into effect for annual reporting periods beginning on, or after, Jan 1, 2023.
According to MASB, it is a “narrow-scope amendment” and the aim of the amendment is to improve the usefulness of comparative information for investors on the initial application of MFRS 17.
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