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
Famous quotes containing the words accounting and/or standards:
“At the crash of economic collapse of which the rumblings can already be heard, the sleeping soldiers of the proletariat will awake as at the fanfare of the Last Judgment and the corpses of the victims of the struggle will arise and demand an accounting from those who are loaded down with curses.”
—Karl Liebknecht (1871–1919)
“It gives me the greatest pleasure to say, as I do from the bottom of my heart, that never in the history of the country, in any crisis and under any conditions, have our Jewish fellow citizens failed to live up to the highest standards of citizenship and patriotism.”
—William Howard Taft (1857–1930)