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MALAYSIAN
ACCOUNTING
STANDARDS
BOARD





The Malaysian Accounting Standards Board (MASB) was established under the Financial Reporting Act 1997 (Act) as the standard-setting body of Financial Reporting Foundation (FRF) whose functions shall be the determination and issuance of accounting standards for the preparation of financial statements, which are required to be prepared or lodged under any law administered by the Securities Commission Malaysia, Bank Negara Malaysia or the Registrar of Companies.

The MASB, together with the FRF make up the frameworks for financial reporting in Malaysia. This framework 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;
  • review, revise or adopt as approved accounting standards, existing accounting standards;
  • amend, substitute, suspend, defer, withdraw or revoke any approved accounting standards in whole or in part;
  • issue, approve, review, revise, amend, substitute, suspend, defer, withdraw or revoke any issues bulletin in whole or in part;
  • 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;
  • sponsor or undertake development of possible accounting standards;
  • collaborate with other national and international accounting standard-setters and monitor the development of other national and international accounting standards;
  • participate in and contribute to the development of a single set of accounting standards for international use;
  • conduct such public consultation as may be necessary in order to determine the contents of accounting concepts, principles and standards;
  • develop a conceptual framework for the purpose of evaluating proposed accounting standards;
  • make such changes to the form and content of proposed accounting standards as it considers necessary;
  • monitor the operation of approved accounting standards to assess their continued relevance and their effectiveness; and
  • 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 accounting standards for financial reporting that benefit users, preparers, auditors and the public;

(b) to participate in and contribute to the International Accounting Standards Board (IASB) standard-setting process in the development of a single set of high-quality globally accepted financial reporting standards for international use;

(c) to collaborate with other national standard-setters for the development of a single set of high-quality globally accepted financial reporting standards for international use;

(d) 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;

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

(f) to monitor the application of the MASB approved accounting standards.

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 possess 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 Bank Negara Malaysia, the Securities Commission Malaysia and the Registrar of Companies.

The members of MASB are:




ADVISORS


ADVISORS

 
 


ADVISORS