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Proposal To Revise Accounting Framework (15 August 2006)

The Malaysian Accounting Standards Board (MASB) has released an exposure draft on the framework for the preparation and presentation of financial statements for comments by the professional accounting bodies, regulators, users and other interested parties.

The draft document seeks to propose a conceptual framework that will enable entities to report in a coherent frame of reference which will be consistent with the framework used in the International Financial Reporting Standards (IFRSs), the internationally accepted accounting standards, to address particular accounting issues.

In discussing the publication of the draft document, Dr Nordin Mohd Zain, the executive director of MASB, commented, "A common goal of the Board is for standards to be based on consistent principles build upon a strong foundation of fundamental concepts." The birth of this document takes into consideration the Board's policy on convergence with IFRSs as well as the public comments received on MASB discussion paper, A proposed Framework for the Preparation and Presentation for financial Statements issued by the Board in the past.

As in any policies and standards that are proposed, there will be mixed comments and opinions, however the greater good of such decisions are decided upon voices of interested parties and by professionals sitting on the Board.

The Board encourages interested parties, including the business communities, to study this proposed Framework for The Preparation and Presentation of Financial Statements and to provide feedback to MASB by 15 November 2006.

Copies of the Exposure Draft are available free of charge at:

Malaysian Accounting Standards Board
Suites 5.01-5.03, 5th Floor,
No. 338, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur
Tel: 03-27159199
Fax: 03-27159212
E-mail address: masb@masb.org.my

Alternatively, the Exposure Drafts are also available on MASB website at http://www.masb.org.my. The public may also provide their comments electronically through ED Online on our website.

For enquiries, please contact:
Dr Nordin Mohd Zain
Executive Director
Malaysian Accounting Standards Board
Email: nordin@masb.org.my