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:
- issue new accounting standards as approved accounting standards and to review, revise or adopt existing accounting standards as approved accounting standards;
- issue statements of principles for financial reporting;
- sponsor or undertake development of possible accounting standards;
- conduct public consultation as necessary;
- develop a conceptual framework for the purpose of evaluating proposed accounting standards;
- make such changes to proposed accounting standards as considered necessary;
- seek the view of the FRF in relation to new and existing standards, statement of principles, and changes to proposed standards;
- determine scope and application of accounting standards; and
- to perform such other function as the Minister of Finance may prescribe.
The MASB's mission is to develop and promote high quality accounting and reporting standards that are consistent with international best practices for the benefit of users, preparers, auditors and the public in Malaysia. In a wider context, the MASB seeks to contribute directly to the international development of financial reporting for the benefit of users, preparers and auditors of financial reports.
In the pursuit of its mission, the MASB is guided by a clear set of policy objectives:
- to develop high quality, clear and enforceable national accounting standards for financial reporting that benefit users;
- to bring about harmonisation of national accounting standards with international accounting standards;
- to promote the use and application of those standards by way of communication with and education of users, preparers, auditors and the public;
- to actively contribute to the development of accounting standards internationally, including, Islamic-based accounting standards; and
- to promote and support research in the area of financial reporting, in particular, for emerging markets and Islamic markets.
MEMBERS OF THE MALAYSIAN ACCOUNTING STANDARDS BOARD
The MASB is made up of eight (8) members who are appointed by the Minister of Finance. It comprises the Chairman of the MASB, the Accountant-General and six (6) other members who posses knowledge and experience in the matters of financial accounting and reporting, and in one or more of the fields of accountancy, law, business and finance. In addition, the Minister of Finance has appointed three (3) advisors to the MASB, one each from the Bank Negara Malaysia, the Securities Commission and the Registrar of Companies.
The members of MASB are:
- Encik Mohammad Faiz Azmi (Chairman) - Partner, PricewaterhouseCoopers Malaysia
- Datuk Wan Selamah binti Wan Sulaiman – Accountant-General of Malaysia
- Dato' Yeo How - President, Asian Agri Group
- Mr Sukanta Dutt - Partner, Ernst & Young
- Chan Kam Chiew – Partner, KPMG
- Thaya Sangara Pillai – Partner, PricewaterhouseCoopers
- Dr Nurmazilah Dato' Mahzan - Universiti Malaya
- Mr Pushpanathan Kanagarayar
Profile of members and advisors of the MASB