Pembangunan

Standard Perakaunan
Di Malaysia
Nama Pelajar : Siti Mazni Bt Md Zain
Matriks No.
: DX100269DWJ04
Pensyarah : MOHD SALEHUDIN MOHD
SIMPOL
Subjek
: DDW3153
PERAKAUNAN PERTENGAHAN
2

Contents
History
Parties Involved In Standard-setting
Securities Commission Malaysia
(SC)
The Malaysian Institute of
Certified Public Accountants (CPA)
Malaysian Accounting Standards
Board (MASB)
Standard-setting Due Process
Malaysian Financial Reporting
Standards (MFRSs)
References

HISTORY
On 1 August 2008, the FRF and MASB announced their plan to
bring Malaysia to full convergence with International Financial
Reporting Standards (IFRSs) by 1 January 2012. IFRSs are
used by more than 100 countries around the world, and other
economies such as Korea, India and Canada have also
announced IFRS convergence by 2011 whilst the United
States have issued a proposed roadmap for the potential use
of IFRS by US issuers.
IFRS is issued by the International Accounting Standards
Board whose mission is to develop, in the public interest, a
single set of high quality, understandable, enforceable and
globally accepted financial reporting standards for general
purpose
financial
statements.
As capital markets have become increasingly global, the
changeover from Financial Reporting Standards (FRSs) to
Malaysian Financial Reporting Standards (MFRSs), equivalent
to IFRSs will help place Malaysian businesses on a level
playing
field
with
its
international
counterparts.

PARTIES INVOLVED IN STANDARDSETTING

Securities Commission Malaysia (SC)

Established on 1 March 1993 under the Securities

Commission Act 1993, the SC is a self-funding statutory
body with investigative and enforcement powers.
It reports to the Minister of Finance and its accounts are
tabled in Parliament annually.
The SCs many regulatory functions include:
Supervising exchanges, clearing houses and central
depositories;
Registering authority for prospectuses of corporations
other than unlisted recreational clubs;
Approving authority for corporate bond issues;
Regulating all matters relating to securities and
derivatives contracts;
Regulating the take-over and mergers of companies
Regulating all matters relating to unit trust schemes;
Licensing and supervising all licensed persons;
Encouraging self-regulation; and
Ensuring proper conduct of market institutions and
licensed persons.
Underpinning all these functions is the SCs ultimate
responsibility of protecting the investor. Apart from
discharging its regulatory functions, the SC is also obliged
by statute to encourage and promote the development of
the securities and derivatives markets in Malaysia.

The Malaysian Institute of Certified Public

Accountants (CPA)

The Malaysian Institute of Certified Public Accountants

(MICPA) has been developing the accounting profession in
Malaysia by providing accounting graduates with an avenue to
become a Certified Public Accountant(CPA) for over five decades.
Since its establishment in 1958, MICPA has played a key role in the
setting of accounting standards in Malaysia. The Institute also
played a technical advisory role for the Malaysian regulatory bodies
responsible for carving out the business and financial landscape of
this nation.

MICPA is a founding member of the International Federation of

Accountants (IFAC) and has contributed significantly to sustaining
the accountancy profession nationally, as well as globally. MICPA
has demonstrated its dedication to protecting public interest by
promoting convergence to international standards through
participation in the IFAC Compliance Program.

A Memorandum of Understanding (MoU) was signed between

MICPA and the Institute of Chartered Accountants Australia (ICAA)
in 2009, sealing a new era of professional ties marking an
important milestone for both bodies in their quest to work together
to promote the interest of students, members and the accountancy
profession. The MoU provides for mutual advanced entry for
candidates into both of the accountancy bodies professional
examinations. Candidates will also qualify for 2 professional
memberships CPA (Malaysia) and CA (Australia).

The depth of technical accounting knowledge and understanding of

the Malaysian business environment has helped MICPA shape its
core professional accountancy programme the MICPA-ICAA
programme, to suit business professionals practicing in Malaysia
whilst increasing their accessibility to the accounting profession on
international shores. The partnership between MICPA and ICAA has
widened the horizons of programme graduates in terms of
international opportunities and access to resources such as the
Global Accounting Alliance (GAA) which provides support from a
network of professional accounting bodies in 11 different countries.

Malaysian Accounting Standards Board

Malaysian Accounting Standards Board as the standardsetting body of the Foundation whose functions shall be the
determination and issuance of accounting standards for the
preparation of financial statements, which are required to be
prepared or lodged under any law administered by the
Securities Commission, the Central Bank or the Registrar of
Companies;
[(1)Subs.Act A1427 of the year 2012]
(1A) Without limiting the generality of functions of the Board
in subsection (1), the Board shall be responsible
(a) to issue new accounting standards as approved
accounting standards;
(b) to review, revise or adopt as approved accounting
standards, existing accounting standards;
(c) to amend, substitute, suspend, defer, withdraw or revoke
any approved accounting standards in
(e)
to orissue,
approve, review, revise, amend, substitute,
whole
in part;
suspend,
defer,
withdraw
or revoke
statement
of
(d) to issue,
approve,
review,
revise, any
amend,
substitute,
principles,
any technical
and any
otherin
suspend, defer,
withdrawand
or other
revokereleases
any issues
bulletin
document
to financial reporting by whatever name
whole or inrelating
part;
called in whole or in part;
(f) to sponsor or undertake development of possible
accounting standards;
(g) to collaborate with other national and international
accounting standard-setters and monitor the development of
other national and international accounting standards;
(h) to participate in and contribute to the development of a
single set of accounting standards for international use;
(i) to conduct such public consultation as may be necessary
in order to determine the contents of accounting concepts,
principles and standards;
(j) to develop a conceptual framework for the purpose of
evaluating proposed accounting standards;
(k) to make such changes to the form and content of
proposed accounting standards as it considers necessary;
(l) to monitor the operation of approved accounting
standards to assess their continued relevance and their
effectiveness; and
(m) to perform any other function conferred or imposed upon

Standard-setting Due Process

MFRSs are word-for-word IFRSs issued by the IASB except for
the nomenclatures. The due process of MFRS Framework
aligns the MASB's due process timeline to that of the IASB
with the aim of putting the new or amended standards in
place for adoption and application within a timely manner.
This is to ensure that the effective date of the new or
amended standards will be the same as that of IFRSs.
Stage 1: MASB seeks public comment on IASB's draft
technical pronouncements.
The IASB's draft technical pronouncements include
Discussion Paper, Exposure Draft and Request for Views.
MASB will disseminate the IASB draft pronouncements
together with an Invitation to Comment to local constituents
by publishing on MASB website a "Comment Online" feature
and sending a copy of the documents to the relevant
authorities, professional bodies, accounting firms, industry
related associations, and public listed companies.
The due date for the public to submit comments to MASB is
usually one month before IASB's comment deadline so as to
allow MASB Working Group and the Board a reasonable time
to consider the comments received before making a
submission to the IASB.
In addition, public forums may be organised if these IASB
draft pronouncements represent major change or shift from
current practice.

Stage 2: Deliberation at the Working Group level on

IASB's draft pronouncements
The IASB's draft pronouncements will be deliberated in
WG meetings and to provide comment/
recommendation to the issues raised in the draft
pronouncements for the Board's consideration. The
WG will also consider public comments received and
their views / recommendations on those comments for
the Board's consideration. (See Stage 3)
Stage 3: Deliberation at the MASB (the Board)
The public comments received, WG's comments and
recommendations will be tabled at the Board for
deliberation and consideration. During the discussion,
the Board will consider all comments received and
thereafter, a comment letter to the IASB will be
prepared and submitted to IASB accordingly.
Stage 4: Issuance of Standard by IASB
Following publication of the final standard by the IASB
(IFRS), the WG will deliberate on the changes made, if
any, from the draft pronouncements. Thereafter, the
WG's recommendation, including possible issues/
implications, if any, of the IFRS will be presented to
the MASB for consideration.

Stage 5: Issuance of standard by MASB

After due deliberation by the Board, copy of the MFRS (word-for-word
with IFRSs) would be presented to the FRF members for their
comments before it being issued as approved accounting standards
in Malaysia.
The following diagram illustrates the due process of MFRS and IC
Interpretations:

Malaysian Financial Reporting

Standards (MFRSs)
The MFRS and Annual Improvements listed
in the table are official pronouncements
issued by the MASB.
The Explanatory column contains
documents which accompanies the
respective Standards but are not part of
these Standards. These documents
comprise of:
BC: Basis for Conclusions
IE: Illustrative Examples
IG: Implementation Guides

References

http://www.masb.org.my/index.php?option=com
_content&view=article&id=1376&Itemid=63

http://www.sc.com.my/about-us/what-we-do/

http://www.micpa.com.my/about-us/the-institute/

http://www.masb.org.my/images/FRA/2013jan-f
inancial%20reporting%20act%201997%20act%205
58.pdf

http://www.masb.org.my/index.php?option=com
_content&view=article&id=1626&Itemid=6