Malaysian Financial Reporting Standard 1 First-time Adoption of Malaysian
Financial Reporting Standards (MFRS 1) is set out in the paragraphs 1–40 and
Appendices A–F. All the paragraphs have equal authority. Paragraphs in bold type
state the main principles. Terms defined in Appendix A are in italics the first time
they appear in the MFRS. Definitions of other terms are given in the Glossary for
Malaysian Financial Reporting Standards. MFRS 1 should be read in the context of
its objective and the Basis for Conclusions, the Foreword to Financial Reporting
Standards and the Conceptual Framework for Financial Reporting. MFRS 108
Accounting Policies, Changes in Accounting Estimates and Errors provides a basis
for selecting and applying accounting policies in the absence of explicit guidance.