FRSIC Consensus 7 – Accounting Treatment For Granting Of ESOS By Parent Company To Subsidiary’s Employees And Subsequent Recharge By The Parent (27 March 2008)

The effective date of the application of this FRSIC CONSENSUS was 27 March 2008.

The release of FRSIC Consensus 7 – Accounting Treatment For Granting Of ESOS By Parent Company To Subsidiary’s Employees And Subsequent Recharge By The Parent provides guidance, on the accounting treatment for transactions where a parent grant rights to its equity instrument to its subsidiary’s employees and recharges the subsidiary for the equity instrument

You can download FRISC Consensus 7 here: http://www.frsic.my/consensus_consensus.asp

FRSIC Consensus 6 – Accounting For Premium Paid For Transfer Of Listing Status In A Reverse Takeover Scenario [Acquisition Of The Listing Status Of A Company That Was Not Itself A Going Concern] (27 March 2008)

The effective date of the application of this FRSIC CONSENSUS was 27 March 2008.

The release of FRSIC Consensus 6 –Accounting For Premium Paid For Transfer Of Listing Status In A Reverse Takeover Scenario [Acquisition Of The Listing Status Of A Company That Was Not Itself A Going Concern] provides guidance, on the issue whether payment made for the transfer of listing status in a reverse take over situation is an intangible asset.

You can download FRISC Consensus 6 here: http://www.frsic.my/consensus_consensus.asp

FRSIC Consensus 5 – Split Of The Minimum Lease Payments Between The Land And The Building Elements (27 March 2008)

The effective date of the application of this FRSIC CONSENSUS was 27 March 2008.

The release of FRSIC Consensus 5 – Split Of The Minimum Lease Payments Between The Land And The Building Elements provides guidance, on various methods adopted by the professional valuers or internal experts of a reporting entity in the allocation of the minimum lease payments to the land element and the buildings element is in accordance with the provisions of FRS 117.16.

You can download FRISC Consensus 5 here: http://www.frsic.my/consensus_consensus.asp

FRSIC Consensus 4 – Accounting Treatment For Impairment Of Goodwill In Situation Where Court Approval Has Been Obtained To Write It Off Against Reserves (27 March 2008)

The effective date of the application of this FRSIC CONSENSUS was 27 March 2008.

The release of FRSIC Consensus 4 – Accounting Treatment For Impairment Of Goodwill In Situation Where Court Approval Has Been Obtained To Write It Off Against Reserves provides guidance, on accounting treatment of impairment of goodwill in the situation where court approval has been obtained to write off goodwill against reserves account, for example, share premium account as allowed under Section 64 of the Companies Act, 1965.

You can download FRISC Consensus 4 here: http://www.frsic.my/consensus_consensus.asp

FRSIC Consensus 3 – Is Fixed Deposit Held On Lien for Bank Guarantee Facilities A Cash and Cash Equivalent? (1 February 2008)

The effective date of the application of this FRSIC CONSENSUS was 1 February 2008.

The release of FRSIC Consensus 3 – Is Fixed Deposit Held On Lien for Bank Guarantee Facilities A Cash and Cash Equivalent? provides guidance, to address the situation where fixed deposits pledged to financial institutions for bank guarantee facilities. The issue is whether such fixed deposits are considered as a component of cash and cash equivalents or should be excluded from cash and cash equivalents due to the reason that they are restricted cash.

You can download FRISC Consensus 3 here: http://www.frsic.my/consensus_consensus.asp

FRSIC Consensus 2 – Applicable Accounting Standards For MSC Status Companies (1 February 2008)

The effective date of the application of this FRSIC CONSENSUS was 1 February 2008.

The release of FRSIC Consensus 2 – Applicable Accounting Standards For MSC Status Companies provides guidance, to address the situation where a MSC-status company is given certain exemption to comply with the exchange control requirements under the Exchange Control Act, 1953. However, the general permission is given subject to the condition, among others, that the Company shall submit its audited annual financial statements to Jabatan Pentadbiran Pertukaran Asing “JPPA”, BNM within 3 months at the end of every financial year. The issue is whether the requirement for MSC Status Company to submit its financial statements to BNM is considered as lodging its financial statements under the law administered by BNM and therefore it is required to prepare the financial statements in accordance with FRSs and not PERSs.

You can download FRISC Consensus 2 here: http://www.frsic.my/consensus_consensus.asp