difference of financial accounting practised in australia and malaysia?

Answer 1

There should be no major differences as both Malaysia and Australia have moved towards adopting IFRS years ago. The only small thing to note is that in Malaysia they call them FRS instead of IFRS and in Australia they call them A-IFRS. The links at the bottom should make this clearer.

The Financial Reporting Foundation and the Malaysian Accounting Standards Board (MASB) have changed the nomenclature of MASB Standards. Beginning 1 January 2005, existing MASB Standards will be renamed Financial Reporting Standards (FRSs), and the numbers will change to correspond to those of the international standards.

In October 2006, the AASB revised AASB 101 Presentation of Financial Statements as part of its initiative to eliminate differences between A-IFRSs and IFRSs. The revised Standard is applicable to annual reporting periods beginning on or after 1 January 2007, but early adoption is permitted.