THE INSTITUTIONAL FRAMEWORK

1) Financial Reporting Foundation ( FRF)

• Established under the Financial Reporting Act 1997.
• Represented by all relevent partied in the standard-setting process- prepared, users, regulators, accountancy profession.
• Function : - To provide view on any matters which MASB seek to undertae or implement with respect to the development and issue of accounting standards. To be responsible for the financing arrangements and operations of the MASB.

2) Malaysian Accounting Standards Board (MASB)

• To implement an efficient, effective structure and 'due process' for the development of MASB standards, a conceptual framework.
• To pursue a policy of harmonisation of accounting standards to be compatible with the International standards,

3) International perspective- IASB

• International Accounting Standards Board (IASB)
• Independent standard-setting body of the IFRS Foundation
• Responsible for the development and publication of International Financial Reporting Standards,
• The IASB follows a through, open and transparent due process of which the publication of consultive documents, such as a discussion papers and exposure drafts, for the public comments in important component.
• The IASB engages closely with stakeholders around the world, including investors, analysts, regulators, business leader, accounting standard-setting and the accountancy profession.