(Answered) Malaysia accounting standards board masb and financial

Accounting

Malaysia Accounting Standards Board (MASB) and Financial Reporting Foundation (FRF) are the two organizations involved in the accounting standard setting process in Malaysia as authorized under the Financial Reporting Act 1997. Discuss the role of each organization.

On 1 August 2008, the MASB and FRF announced their plan to fully adopting IFRSs as issued by the IASB by 1 January 2012.

Which accounting standards were used or adopted by the MASB before the transition to IFRSs?

Discuss the benefits derived from this transition to the Malaysian capital market.

Discuss the issues and challenges to Malaysia towards convergence with IFRSs.

Discuss the due process involved in the accounting standard setting to establish a Malaysian Financial Reporting Standard (MFRS) in Malaysia.

List down the MFRSs that have been issued by the MASB up to date.

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