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Herper

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Introduction

The MASB
The Malaysian Accounting Standards Board (MASB) and the Financial Reporting Foundation (FRF) were established under the Financial Reporting Act 1997.

The objectives of the MASB are:
(a) to develop, in the public interest, high quality, understandable and enforceable accounting standards that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the Malaysian capital market and other users make economic decisions;
(b) to promote the use and rigorous application of those standards;
(c) in fulfilling the objectives associated with (a) and (b), to take account of, as appropriate, the special needs of private entities (defined and explained in Section 1 Private Entities); and
(d) to pursue a policy of convergence of Malaysian Financial Reporting Standards (MFRSs) with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB).

MFRSs

Comparison of MPERS and MFRSs

1) Component of financial statement MPERS | MFRs | 1. Components of financial statements: (i) Two statements each for financial position, comprehensive income, changes in equity, cash flows and notes. (ii) No requirement for the 3rd statement of financial position. 2. Choice of one continuous statement or two separate statements for presentation of comprehensive income. No requirement to segregate items of OCI into those that may or may not be reclassified to profit or loss. Attribution to owners and non-controlling interests to be shown separately. Presentation of extraordinary items is banned. 3. If the only changes during the period arise from profit or loss, payment of dividends, correction of errors and changes in accounting policy, may present a single statement of income and retained earnings in place of statement of

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