Seminar In Accounting Q (FAC550) / Sabri Kiperawi ... [et. al]

Malaysia has been adopting, starting from the late 70’s, accounting standards that are generally consistent with the standards issued by the International Accounting Standards Committee, IASC (dubbed IAS’s).This process had been spearheaded and supervised by the MalaysianInstitute of Accountants (MIA) and the Malaysian Associations ofCertified Public Accountants (MACPA), the two professional accountancy bodies in the country. At that time, the MIA which was established under the Accountants Act 1967 had the authority empowered by law to manifest itself as the authorize body regulating the accounting profession. On 30th June 1997, the Financial Reporting Foundation (FRF) and the Malaysian Accounting Standards Boards (MASB) were set up. The FRF, together with the MASB, represented the new framework , enacted under the Financial Reporting Act 1997, comprises an independent standard-setting structure with representation from parties in the standard-setting