Malaysian Accounting Standard Board

Let's look through MASB.

The Malaysian Accounting Standards Board (MASB) is established under the Financial Reporting  Act 1997 (the Act) as an independent authority to develop and issue accounting and financial reporting standards in Malaysia.The MASB, together with the Financial Reporting Foundation (FRF), make up the new framework for financial reporting in Malaysia. This new framework comprises an independent standard-setting structure with representationfrom all relevant parties in the standard-setting process, including preparers, users, regulators and the accountancy profession.The functions and powers of  the  MASB as provided under the Act are to:- issue new accounting standards as approved accounting standards and to review, revise or adopt existing accounting standards as approved accounting standards