ACC2014 Financial Accounting

Lecture 1-1: Financial Reporting in Malaysia

Lecturer: Dr Ho Wai Kee
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ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

AGENDA

01 Financial Reporting Act 1997

02 Company Act 2016

03 Malaysian Accounting Standards Board (MASB)

04 MASB Approved Accounting Standards

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is prohibited by law and a punishable offence. ©2021
These teaching materials are protected under the Copyright Act 1987. Duplication, in any form, including digitally,
Our Vision: To be a World Class University
is prohibited by law and a punishable offence. ©2021
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ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

FINANCIAL REPORTING ACT 1997(i)

Financial Reporting Foundation Malaysian Accounting

(FRF) (ii) Standards Board (MASB) (iii)

(i) http://www.masb.org.my/pdf.php?pdf=2013jan-
financial%20reporting%20act%201997%20act%20558.pdf&file_path=pdf
(ii) http://www.masb.org.my/pages.php?id=9
(iii) http://www.masb.org.my/pages.php?id=10

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ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

31 January 9 October
2017 2019

COMPANY
COMPANY ACT (AMENDMENT)
2016 ACT 2019
http://www.ssm.com.my/Pages/Legal_Fram https://www.ssm.com.my/Pages/Legal_Fra
ework/Companies-Act-2016.aspx mework/Document/Companies-
(Amendment)-Act-2019.pdf

These teaching materials are protected under the Copyright Act 1987. Duplication, in any form, including digitally,
is prohibited by law and a punishable offence. ©2021 Our Vision: To be a World Class University
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ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

These teaching materials are protected under the Copyright Act 1987. Duplication, in any form, including digitally,
is prohibited by law and a punishable offence. ©2021 Our Vision: To be a World Class University
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ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

These teaching materials are protected under the Copyright Act 1987. Duplication, in any form, including digitally,
is prohibited by law and a punishable offence. ©2021 Our Vision: To be a World Class University
6
ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

These teaching materials are protected under the Copyright Act 1987. Duplication, in any form, including digitally,
is prohibited by law and a punishable offence. ©2021 Our Vision: To be a World Class University
7
ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

These teaching materials are protected under the Copyright Act 1987. Duplication, in any form, including digitally,
is prohibited by law and a punishable offence. ©2021 Our Vision: To be a World Class University
8
ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

These teaching materials are protected under the Copyright Act 1987. Duplication, in any form, including digitally,
is prohibited by law and a punishable offence. ©2021 Our Vision: To be a World Class University
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ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

MALAYSIAN ACCOUNTING
STANDARDS BOARD (MASB)

Issues MASB Approved Accounting Standards

Malaysian Financial Reporting Malaysian Private Entities

Standards (MFRSs) Reporting Standards (MPERS)

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ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

MASB APPROVED
ACCOUNTING STANDARDS

Malaysian Financial Reporting Malaysian Private Entities

Standards (MFRSs) Reporting Standards (MPERS)

ENTITIES OTHER THAN

PRIVATE ENTITIES
PRIVATE ENTITIES

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ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

PRIVATE ENTITIES
Definition :
An entity that is not required to prepare or lodge any financial statements under any law
administered by the Securities Commission or Bank Negara Malaysia; and
Not a subsidiary or associate of, or jointly controlled by, an entity which is required to
prepare or lodge any financial statements under any law administered by the Securities
Commission or Bank Negara Malaysia
Notwithstanding the above, a private company that is itself, or is a subsidiary or associate
of, or jointly controlled by, an entity that is a management company as defined in section
2 of the Interest Schemes Act 2016 is not a private entity.

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ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

PRIVATE ENTITIES

Definition : (con’t)
The meaning of ‘subsidiary’, ‘associate’ and ‘jointly controlled’ are as respectively
defined and explained in MFRS 10 / FRS 10 Consolidated Financial Statements, MFRS 128
Investments in Associates and Joint Ventures/ FRS 128 Investments in Associates and Joint
Ventures and MFRS 11 Joint Arrangements/ FRS 11 Joint Arrangements.

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ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

MASB Approved Accounting International Financial

Standard Reporting Standards
Private Entities Malaysian Private Entities IFRS for SMEs
Reporting Standards (MPERS)
Entities Other than Malaysian Financial Reporting International Financial
Private Entities Standards (MFRS) Reporting Standards (IFRS)
Authority Malaysian Accounting Standards International Accounting
Board (MASB) Standards Board (IASB)
Website www.masb.org.my www.ifrs.org

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ACC2014 Financial Accounting L1-1: Financial Reporting in Malaysia

LIST OF MASB APPROVED

ACCOUNTING
STANDARDS

http://www.masb.org.my/pages.php?id=89 h

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is prohibited by law and a punishable offence. ©2021 Our Vision: To be a World Class University
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 THANK YOU
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