Accounting Standards
Accounting standards are issued by the Malaysian Accounting Standards Board (MASB) by virtue of the power conferred by the Financial Reporting Act, 1997. The Financial Reporting Act also establishes the Financial Reporting Foundation, which is the body that is responsible to oversee MASB's performance and financial arrangement.
The MASB had announced the effort to bring Malaysia to be in full convergence with the International Financial Reporting Standards (IFRS) by 2012.
Read more about this topic: Accounting In Malaysia
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