BACHELOR OF BUSINESS ADMINISTRATION

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BUSINESS ADMINISTRATION

FINANCIAL ACCOUNTING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The Ordinances played a major role in regulating financial reporting during this period, until the Malaysian Companies Act (based on the Victorian Act 1960) was enacted in 1965.
A
True
B
False
Explanation: 

Detailed explanation-1: -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-2: -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.

Detailed explanation-3: -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.

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