Regulatory framework
Introduction
Regulatory framework is a system of regulations and the means used to enforce them. They are usually established by the government to regulate the specific activities. These rules have a structured way of being supported and enclosed in a safe place. Most of them are recognized by the law. A conceptual framework is important to the understanding of the many principles and concepts that underpin International Financial Reporting Standards (IFRS) and is an often-neglected part of candidates’ studies.
Malaysian Legal & Regulatory Authorities
MASB (Malaysian Accounting Standard Board)
IASB (International Accounting Standard Board)
Securities Commission
MACPA (Malaysian Association Chartered of Public Accountants)
Legislative Acts
Company Act
An Act of Parliament which regulates the workings of companies, stating the legal limits within which companies may do their business
Financial Reporting Act
Financial report is a formal record of the financial activities of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis
Note to the Financial Statements
Basis of Preparation
The financial statements of the group are prepared under the historical cost convention and in compliance with the Financial Reporting Standards (FRS) and Companies Act 1965 in Malaysia.
Malaysian Legal & Regulatory Authorities
MASB:
To issue high quality, clear and enforceable new accounting standards as approved accounting standards
To review, revise or adapt as approved accounting standards existing accounting standards
To issues statements of principles for financial reporting
To sponsor or undertake development of possible accounting standards
To conduct such public consultation as may be necessary in order to determine the contents of
Regulatory framework is a system of regulations and the means used to enforce them. They are usually established by the government to regulate the specific activities. These rules have a structured way of being supported and enclosed in a safe place. Most of them are recognized by the law. A conceptual framework is important to the understanding of the many principles and concepts that underpin International Financial Reporting Standards (IFRS) and is an often-neglected part of candidates’ studies.
Malaysian Legal & Regulatory Authorities
MASB (Malaysian Accounting Standard Board)
IASB (International Accounting Standard Board)
Securities Commission
MACPA (Malaysian Association Chartered of Public Accountants)
Legislative Acts
Company Act
An Act of Parliament which regulates the workings of companies, stating the legal limits within which companies may do their business
Financial Reporting Act
Financial report is a formal record of the financial activities of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis
Note to the Financial Statements
Basis of Preparation
The financial statements of the group are prepared under the historical cost convention and in compliance with the Financial Reporting Standards (FRS) and Companies Act 1965 in Malaysia.
Malaysian Legal & Regulatory Authorities
MASB:
To issue high quality, clear and enforceable new accounting standards as approved accounting standards
To review, revise or adapt as approved accounting standards existing accounting standards
To issues statements of principles for financial reporting
To sponsor or undertake development of possible accounting standards
To conduct such public consultation as may be necessary in order to determine the contents of