ABSTRACT
Despite Malaysia’s experience of slow progress to International Financial Reporting Standards (IFRS) convergence, respondents to research surveys have supported IFRS adoption and perceived that the new standards help to improve comparability and transparency in reporting. Three areas are unique in the context of Malaysia. These are: the application of MFRS 141 Agriculture; the IC Interpretation 15 Agreements for the Construction of Real Estate; and accounting for Islamic financial instruments, which has not been given adequate attention but matters significantly to Malaysia as a pioneer country in Islamic finance. These all provide interesting areas for further research where the Malaysian context is unique.
