fully converged to IFRS in 2012 and the standard has been renamed to Malaysian Financial Reporting Standards (MFRS)
FRS is designed to make earnings more informative, provide more useful balance sheets and to reflect economic substance more than the legal form
IFRS’s standards in accounting and reporting of financial instruments may pose some challenges to Islamic financial institutions due to a number of possibilities of conflicts with the Sharīʿah principles.
Even though the purpose of IFRS convergence is to enhance comparability and consistency of financial reporting, it should also provide useful information to the users of financial statements to enhance the quality of financial reporting
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