MASB’s MFRS 9 Implementation Task Force MIA’s FRSIC MFRS 9 Work-Streams Bank Negara Malaysia Securities Commission Malaysia Big-firm forum Pre-Nov 2014 2015 to 2016 2017 to Jan 2018 •Industry-wide membership: Banks & non-banks, government & private, regulators, professional bodies, associations, big firms etc. Guidelines on Tax Treatment MFRS 121 (or other Similar Standards) (Revised) dated 16th May 2019 Guidelines on Tax Treatment Related to the Implementation of MFRS 121 (or other Similar Standards) (Revised) The IRB has issued Guidelines for Tax Treatment Related to the Implementation of Malaysian Financial Reporting Standards [“MFRS”] 4 The MFRS/ FRS regime – accounting implications 6 5 Tax treatment for implementation of MFRS 136/ FRS 136 7 5.1 Impairment loss 5.1.1 Property, plant and equipment 5.1.2 Intangible assets 5.1.3 Goodwill 5.1.4 Deferred property development expenditure 5.1.5 Investments 7 7 7 7 7 5.2 Reversal of impairment loss 8 According to sources, the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) have recently written to the MoF on the matter. 12/2019 and the Revised Guidelines The Malaysian Inland Revenue Board (“MIRB”) has issued Public Ruling (“PR”) No. 4 Tax treatment before implementation of FRS 139 4 5 Tax issues arising from FRS 139 implementation 5 5.1 Fair value concept 5 5.2 Accounting classification of financial assets 5 5.3 Computation of effective interest rate 6 5.4 Impairment loss for loans and receivables (LAR) and held-to-maturity (HTM) 7 ROU asset 18,000 [54,000 / … THE banking industry is lobbying the Ministry of Finance (MoF) to allow loan loss provisions to be fully tax deductible as per the old MFRS 139 accounting standard. 2. 12/2019 – Tax Treatment of Foreign Exchange Gains and Losses on 13 December 2019. On the international front, the IASB continues to issue several revisions / amendments to the existing IFRSs during 2009. Dutch tax treatment under IFRS 16. INLAND REVENUE BOARD OF MALAYSIA Date of Publication: 13 December 2019 _____ Page 1 of 13 1. Recognising deferred tax assets. Pre-MFRS 16 MFRS 16 Tax Treatment DR CR DR CR 31 Dec 2021 (Yr 3) Statement of Financial Position Cash* *1 Jan 2021 to 31 Dec 2021 24,000 24,000 [2,000 x 12 months] Tax adjustment is to be made to claim deduction on the lease rental of RM24,000. Guidelines on Tax Treatment Related to the Implementation of MFRS 121 (Or Other Similar Standards) (Revised) Salient Points of PR No. 12/2019 – Tax Treatment of Foreign Exchange Gains and Losses on 13 December 2019 to explain the tax treatment for businesses in Malaysia of HKFRS 9 could result in timing differences between the accounting and taxation treatment of financial assets / liabilities. Further details on the new / revised FRSs and IC Interpretations, including the status of adoption of IFRSs in Malaysia can be obtained from MASB’s website (www.masb.org.my). The alternative tax allowance was straightforward and based purely on the age of the debt rather than entity-specific risk or in-depth analysis, as required by IFRS 9… Guidance: IFRS Staff paper June 2018 & IFRS Exposure draft July 2019. for adoption in Malaysia. More importantly, tax deductibility issues on expected credit losses could lead to increased tax compliance and operational costs. IFRS 16 Tax accounting – at implementation date & subsequent accounting. Treatment Related to the Implementation of MFRS 121 (Or Other Similar Standards) (Revised) (“Revised Guidelines”) The Malaysian Inland Revenue Board (“MIRB”) has issued Public Ruling (“PR”) No. IFRS 16 Tax accounting – lease modification •WG meetings & public forums Objective The objective of this Public Ruling (PR) is to explain the tax treatment for businesses in Malaysia in respect of foreign exchange gains and losses, which arise from cross border transactions denominated in foreign currency.
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