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Labuan FSA Issues Updated Circular and Directive on Financial Reporting Standards for Labuan Financial Institutions
Labuan Financial Services Authority (Labuan FSA) on 18 March 2014 issued an updated circular and directive on financial reporting standards for Labuan financial institutions (LFIs).
 
The updated circular replaces the earlier circular issued on 8 November 2007. The directive, which shall be read together with the updated circular, seeks to provide further clarification on the accounting standards to be adopted by LFIs, so as to promote harmonised accounting practices in producing financial statements that are internationally comparable.

For LFIs that are required to change their accounting standards to be in line with the directive’s requirements, Labuan FSA expects the directive to be fully complied with from financial year beginning 1 January 2016.
However, other requirements as stated in the earlier circular issued in 2007 would remain effective and applicable unless amended or revoked.

For the updated circular and directive on financial reporting standards for LFIs, please refer to the attachments.

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