FRS 4 to take effect from Jan 2010

MASB today issued 3 new financial reporting standards (FRS) and 2 interpretations relating to financial instruments.

Among which, FRS 4 Insurance Contracts would be of interest to the insurance industry. FRS 7 Financial Instruments Disclosures would be relevant as well.

FRS 4 and FRS 7 will take effect from January 2010.

Source: The Star, MASB

Mark-to-market Rules Relaxed

The mark-to-market rules have been relaxed for the banks in Malaysia. The rules no longer apply if the banks move the trading portfolios to their long-term books.

Mark-to-market rules can deplet banks' capital in credit turmoil even though the assets of banks have yet to default.

Source: The Star