g The Malaysian Institute of Certified Public Accountants
(Institut Akauntan Awam Bertauliah Malaysia) (3246-U)

January 15, 2008 Circular No: Stu/02/01/08

To: ALL REGISTERED STUDENTS

MICPA EXAMINATION ACCOUNTING AND AUDITING STANDARDS
The Institute’s Examination Regulations and Syllabus state that: (a) Questions involving knowledge of accounting and auditing should be answered in accordance with the requirements of approved accounting standards, approved auditing standards/guidelines and the relevant legislation; Questions involving knowledge of new approved accounting standards, approved auditing standards/guidelines and exposure drafts will not be set until at least 6 months have elapsed since the last day of the month in which the statement became effective or was published.

(b)

The list of accounting standards, auditing standards and other technical pronouncements, which are currently examinable in the Institute’s examination, are set out below. I. Approved Accounting Standards The Companies Act 1965 requires that approved accounting standards are to be applied to the financial statements of all companies. Approved accounting standards are issued by the Malaysian Accounting Standards Board (MASB), which is established under the Financial Reporting Act 1997. For the purposes of the MICPA pronouncements are examinable : examination, the following accounting

(i) (ii)
(iii)

MASB approved accounting standards and other pronouncements issued by MASB; Malaysian Accounting Standards (MAS) issued by MICPA, which have not been replaced by MASB approved accounting standards; Technical Bulletins (TB) issued by MICPA, which are to be regarded as the best current practice in the area in question.

The MASB has issued two set of accounting standards as follows: (a) Financial Reporting Standards (FRS) These standards are mandatory for all entities