(a) The Conceptual Framework sets out the fundamental concepts for financial reporting that guide the Board...

 

Transcribed Image Text:

(a) The Conceptual Framework sets out the fundamental concepts for financial reporting that guide the Board in developing IFRS Standards. It helps to ensure that the Standards are conceptually consistent and that similar transactions are treated the same way, so as to provide useful information for investors, lenders and other creditors. Required: Evaluate the above statement with regards to the conceptual framework and justify how it helps to improve the accounting practices in the international level. (5 marks) (b) Companies registered in Malaysia are required to prepare statutory financial statements in accordance with the approved accounting standards issued by the Malaysian Accounting Standards Board (MASB). Foreign Companies listed on the stock exchange in Malaysia may prepare financial statements in accordance with certain internationally recognised accounting standards such as International Financial Reporting Standards (IFRS). Required: Discuss how MASB helps to regulate the accounting practices in Malaysia. (5 marks) (a) The Conceptual Framework sets out the fundamental concepts for financial reporting that guide the Board in developing IFRS Standards. It helps to ensure that the Standards are conceptually consistent and that similar transactions are treated the same way, so as to provide useful information for investors, lenders and other creditors. Required: Evaluate the above statement with regards to the conceptual framework and justify how it helps to improve the accounting practices in the international level. (5 marks) (b) Companies registered in Malaysia are required to prepare statutory financial statements in accordance with the approved accounting standards issued by the Malaysian Accounting Standards Board (MASB). Foreign Companies listed on the stock exchange in Malaysia may prepare financial statements in accordance with certain internationally recognised accounting standards such as International Financial Reporting Standards (IFRS). Required: Discuss how MASB helps to regulate the accounting practices in Malaysia. (5 marks)

Answer rating: 100% (QA)

a The Conceptual Framework for Financial Reporting is a comprehensive set of concepts that provides a basis for the development of International Finan... View the full answer