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FINANCIAL
REGULATORY
FRAMEWORK IN
MALAYSIA
OBJECTIVES
Understand the development of
financial accounting and reporting
practices in Malaysia
Understand the statutory
regulations/requirements of financial
reporting
Understand the setting of accounting
standards in Malaysia
Aware on the Financial Regulatory
Framework in Malaysia.
Know the historical perspective and
the current financial reporting regime.
Understand the Statutory regulations
on Financial Accounting and Reporting.
Understand the link between MASB and
MFRS Framework with international
standards.
Know the roles of accountant in
society.
THE DEVELOPMENT OF FINANCIAL
ACCOUNTING AND REPORTING PRACTICES IN
MALAYSIA
The origin of financial reporting in M’sia
(Financial reporting regulations)
1. Company Ordinances 1940,1946,1956
2. Companies Act 1965, Ninth schedule(the revised Ninth
schedule)
3. Companies Act 2016
Due process,
1. 2013, MASB issued MASB Exposure Draft ED77 Malaysian
Private Entities Reporting Standard to propose a single
MPERS Framework for private entity reporting in Malaysia.
2. February 2014, MPERS Framework was endorsed as a
Standard for application by private entities which is based
on IFRS for Small and Medium-Sized Entities.
Accordingly, ethical improprieties by
Accountants can be detrimental
to society, resulting in distrust by the
public and disruption of efficient capital
market operations.
Professional accountants play a major role
in reducing corruption.
The accountancy profession—acting in the
public interest—is an important part of
national governance architectures that
confront corruption, in partnership with
good governance and strong businesses.
Professional ethics, education, and
oversight—at the core of the global
accountancy profession—are key to our
positive impact in tackling corruption.
THE TERMS
IFRS – International Financial Reporting
Standards
MFRS – Malaysian Financial Reporting
Standards
IAS – International Accounting Standards
IC – Interpretation Committee
IFRIC – International Financial Reporting
Interpretations Committee(IFRS
Interpretations Committee)
SIC – Standard Interpretations Committee
MASB - Malaysian Accounting Standards Board
TUTORIAL
FINANCIAL ACCOUNTING AND REPORTING 1
(FAR410)
Tutorial Chapter 1
Please answer the questions
To be discuss during the tutorial
Write your answer in the blank space
provided.