BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The enforcement of the Financial Reporting Act 1997 took place on 9 March 1997, giving rise to the establishment of both the Malaysian Accounting Standards Board (MASB) and the Financial Reporting Foundation (FRF).
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True
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False
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Explanation:
Detailed explanation-1: -The Financial Reporting Foundation (FRF) was established as an independent body under the Financial Reporting Act 1997 (Act). The FRF and the Malaysian Accounting Standards Board (MASB) are part of the financial reporting framework in Malaysia.
Detailed explanation-2: -The MASB’s primary role is to develop accounting and financial reporting standards.
Detailed explanation-3: -The MASB, together with the FRF make up the frameworks for financial reporting in Malaysia. This framework comprises an independent standard-setting structure with representation from all relevant parties in the standard-setting process, including preparers, users, regulators and the accountancy profession.
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