BACHELOR OF BUSINESS ADMINISTRATION

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BUSINESS ADMINISTRATION

FINANCIAL ACCOUNTING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The Malaysian Accounting Standard Board (MASB)’s standards setting process is similar to that of the developed countries, for example, Australia, Singapore, Canada, New Zealand, United Kingdom, United States, and the International Accounting Standards Board (IASB). Therefore, the standards setting process is consistent with other international accounting standards boards.
A
True
B
False
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: -International Financial Reporting Standards (IFRS) are a set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent, and easily comparable around the world. The IFRS is issued by the International Accounting Standards Board (IASB).

Detailed explanation-3: -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-4: -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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