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Transcript of accounting standards
The Accountant General
Six other members with knowledge and experience in financial accounting and reporting as well as in areas such as accountancy, law, business and finance
At least five of the three categories abov must be members of MASB
Three advisors having knowledge and experiences in accountancy, law, business or finance representing the Securities Commission, the Central Bank of Malaysia and the Registrar of Companies
The Needs For Accounting Standards
The Due Process Of Standard Setting
( Malaysia )
The Standard Setting Bodies In Malaysia
The main body entrusted with setting up national accounting standards is the MASB which is established through the Financial Reporting Foundation under the Financial Reporting Act 1997
Functions of MASB
Issue new accounting standards as approved accounting standards and to review, revise or adopt existing accounting standards as approved accounting standards
Issue statements of principles for financial reporting
Sponsor or undertake development of possible accounting standards
Conduct public consultation as necessary
Develop a conceptual framework for the purpose of evaluating proposed accounting standards
Make such changes to proposed accounting standards as considered necessary
Seek the view of the FRF in relation to new and existing standards, statement of principles, and changes to proposed standards
Determine scope and application of accounting standards
To perform such other function as the Minister of Finance may prescribe
A principle that guides and standardizes accounting practices. The Generally Accepted Accounting Principles (GAAP) are a group of accounting standards that are widely accepted as appropriate to the field of accounting. Accounting standards are necessary so that financial statements are meaningful across a wide variety of businesses; otherwise, the accounting rules of different companies would make comparative analysis almost impossible.
''statements of accounting practices used for the preparation of financial statements''
As one of the forms of regulating financial reporting
For users to ensure enterprise provide information which is clear, consistent, reliable and also comparable
Government also finds accounting standards necessary as a form assurance that the data provided to them by the enterprises are reliable
For computation of taxation
Promote uniformity as differences among financial statements of different enterprises will be minimized
The Functions of FRF
i. To provide any view to MASB on any matters that MASB seeks to undertake within its functions
ii. To review the performance of MASB
iii. To be responsible for all financial arrangements for the operations of MASB, including to approve MASB'S budget
iv. To perform other functions as prescribed by the Minister of Finance
Stage 1: MASB seeks public comment on IASB's draft technical pronouncements.
Stage 2: Deliberation at the Working Group level on IASB's draft pronouncements
Stage 3: Deliberation at the MASB (the Board)
Stage 4: Issuance of Standard by IASB
Final Stage: Issuance of
standard by MASB
International Accounting Standard Boards (IASB)
Previously known as International Accounting Standard Committee (IASC)
Founded in 1973 with the objectives of formulating and publishing accounting standards
In the interest of the public, to be used in the presentation of the financial statements
IASC was also responsible for promoting worldwide acceptance and observance of its standards
IASB is an independent, privately-funded accounting standard setting body based in London, UK
Its board members have a variety of backgrounds and they come from nine countries
To develop a single set of global accounting standards of high quality
Understandable and enforceable that require transparent and comparable information in general purpose financial statements
IASB also takes the role of cooperating with other accounting standard setters to achieve convergence in accounting standards around the world