The development of accounting standards in Malaysia only began in the late 1960s, where most of the accounting standards involved the adoption of the International Accounting Standards (IAS).

FINANCIAL ACCOUNTING

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	True
B	False

Explanation:

Detailed explanation-1: -The MFRS Framework comprises standards as issued by the International Accounting Standards Board (IASB) and allows Malaysian entities to assert full compliance with IFRS.

Detailed explanation-2: -First documented financial reporting regulations were Companies Ordinances (and amendments) of 1940, 1946 and 1956 before Malaysia achieved her independence on 31 August 1957.

Detailed explanation-3: -In 2008, Malaysia declared its intention to achieve full convergence with IFRS by 1 January 2012 and the MASB continued to adopt the IFRS in stages based on the full convergence timeline (MASB, 2008).

Detailed explanation-4: -In Malaysia, the accounting standards are issued by Malaysian Accounting Standards Board (MASB). It is established under Financial Reporting Act 1997 as an independent authority to develop and issue accounting and financial reporting standards in Malaysia.

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BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

FINANCIAL ACCOUNTING