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Far410 Chapter 1 Fin Regulatory Framework
Far410 Chapter 1 Fin Regulatory Framework
FINANCIAL
REGULATORY
FRAMEWORK IN
MALAYSIA
OBJECTIVES
⦿Understand the development of
financial accounting and reporting
practices in Malaysia
⦿Understand the statutory
regulations/requirements of financial
reporting
⦿Understand the setting of accounting
standards in Malaysia
⦿Aware on the Financial Regulatory
Framework in Malaysia.
⦿Know the historical perspective and the
current financial reporting regime.
⦿Understand the Statutory regulations on
Financial Accounting and Reporting.
⦿Understand the link between MASB and
MFRS Framework with international
standards.
⦿Know the roles of accountant in
society.
THE DEVELOPMENT OF FINANCIAL ACCOUNTING
AND REPORTING PRACTICES IN MALAYSIA
The origin of financial reporting in M’sia
(Financial reporting regulations)
1. Company Ordinances 1940,1946,1956
2. Companies Act 1965, Ninth schedule(the revised Ninth
schedule)
3. Companies Act 2016
2. MICPA
(Both bodies are private sector)
Role: to ensure widest compliance with the
approved standards in the published financial
statements.
THE SETTING OF ACCOUNTING STANDARDS
IN MALAYSIA
Under the current financial reporting regime:
Due process,
1. 2013, MASB issued MASB Exposure Draft ED77 Malaysian
Private Entities Reporting Standard to propose a single
MPERS Framework for private entity reporting in Malaysia.
2. February 2014, MPERS Framework was endorsed as a
Standard for application by private entities which is based
on IFRS for Small and Medium-Sized Entities.