Malaysian Accounting Standard Board (MASB)

Malaysian Accounting Standards Board (MASB)

The Malaysian Accounting Standards Board (MASB) is established under the Financial Reporting Act 1997 (the Act) as an independent authority to develop and issue accounting and financial reporting standards in Malaysia.

The MASB, together with the Financial Reporting Foundation (FRF), make up the frameworks for financial reporting in Malaysia. These frameworks 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.

The functions and powers of the MASB as provided under the Act are to:

v issue new accounting standards as approved accounting standards;

v review, revise or adopt  as approved accounting standards, existing accounting standards;

v amend, substitute, suspend, defer, withdraw or revoke any approved accounting standards in whole or in part;

v issue, approve, review, revise, amend, substitute, suspend, defer, withdraw or revoke any issues bulletin in whole or in part;

v issue, approve, review, revise, amend, substitute, suspend, defer, withdraw or revoke any statement of principles, any technical and other releases and any other document relating to financial reporting by whatever name called in whole or in part;

v sponsor or undertake development of possible accounting standards;

v collaborate with other national and international accounting standard-setters and monitor the development of other national and international accounting standards;

v participate in and contribute to the development of a single set of accounting standards for international use;

v conduct such public consultation as may be necessary in order to determine the contents of accounting concepts, principles and standards;

v develop a conceptual framework for the purpose of evaluating proposed accounting standards;

v make such changes to the form and content of proposed accounting standards as it considers necessary;

v monitor the operation of approved accounting standards to assess their continued relevance and their effectiveness; and

v to perform any other function conferred or imposed upon it by the Act or such other function as the Minister of Finance may prescribe by order published in the Gazette.

MISSION

The MASB's mission is to develop and promote high quality accounting and financial reporting standards that are consistent with international best practice for the benefit of users, preparers, auditors and the public in Malaysia. In a wider context, the MASB seeks to participate in and contribute to the development of a single set of financial reporting standards for international use.

In the pursuit of its mission, the MASB is guided by a clear set of policy objectives:

(a) to develop high quality, clear and enforceable national accounting and financial reporting standards that benefit users, preparers, auditors and the public.

(b) to participate in and contribute to the International Accounting Standard Board’s (IASB) standard-setting process in the development of a single set of accounting and financial reporting standards for international use.

(c) to promote the use and seek views on the application of accounting and financial reporting standards by way of engagement and dissemination of information to users, preparers, auditors and the public.

(d) to collaborate with other national standard-setters for the development of international accounting and financial reporting standards; and

(e) to promote and support research in the area of financial reporting, in particular, for emerging markets and Islamic markets.