The Malaysian Accounting Standards Board (MASB) is implementing its policy of
convergence through adopting International Financial Reporting Standards (IFRSs) as
issued by the International Accounting Standards Board (IASB) for application for
annual periods beginning on or after 1 January 2012. The IASB defines IFRSs as
comprising:
(a) International Financial Reporting Standards;
(b) International Accounting Standards;
(c) IFRIC Interpretations; and
(d) SIC Interpretations.