The MASB's primary role is to develop accounting and financial reporting standards. It is the MASB's operating procedure that generally precludes the MASB or its staff from giving advice to any individuals or corporations or individual cases nor to act as an arbitrator regarding any issue. Resolution of matters concerning the application of the accounting standards should be addressed and discussed with the respective independent accountants, or auditors.
Likewise the MASB's resources do not allow for it to respond to students' individual requests for help in completing their assignments.
Below are some of the questions that the staff frequently receives from preparers, auditors and users with regard to the implementation of the MFRS Framework. The answers to the following questions have been prepared by the MASB staff and are not the Board’s views.