Three new financial reporting standards (FRS) and two interpretations related to financial instruments were issued on 17 November by the Malaysian Accounting Standards Board (MASB), as part of its convergence with International Financial Reporting Standards by 2012.

The new standards and interpretations are:

• FRS 4 Insurance contracts
• FRS 7 Financial instruments: disclosures
• FRS 8 Operating segments
• IC Interpretation 9 Reassessment of embedded derivatives
• IC Interpretation 10 Interim financial reporting and impairment

The standards are the first in a series of standards to be issued after Malaysia announced its IFRS convergence plan.

The standards will become effective on 1 January 2010, except for FRS 8 which will be effective on or after 1 July 2009.

For further information read the press release MASB issues three standards and two interpretations on the MASB website.