BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Companies Act, Malaysian Accounting Standards Board (MASB), listing requirements of the Kuala Lumpur Stock Exchange (KLSE) and the guidelines of the Securities Commission (SC) are currently the major sources of reference for corporate reporting in Malaysia.
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True
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False
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Explanation:
Detailed explanation-1: -The MASB’s primary role is to develop accounting and financial reporting standards. It is the MASB’s operating procedure that generally precludes the MASB or its staff from giving advice to any individuals or corporations or to individual cases nor to act as an arbitrator regarding any issue.
Detailed explanation-2: -Malaysian companies are required to keep statutory financial statements under the accounting standards issued by the Malaysian Accounting Standards Board (MASB). Foreign companies listed on the stock exchange should prepare financial statements in accordance with the International Financial Reporting Standards (IFRSs).
There is 1 question to complete.