The Malaysian Financial Reporting Standards (MFRS) framework was introduced by the Malaysian Accounting Standards Board and came into effect on 1 January 2012. The MFRS framework is fully compliant with the International Financial Reporting Standards (IFRS) framework, which enhances the credibility and transparency of financial reporting in Malaysia. The adoption of the MFRS framework was a significant milestone for thecapital market and entities can assert that their financial statements are in full compliance with the IFRS (PwCMalaysia,2021).

Required:

Discuss why Bursa Malaysia, the Securities Commission (SC) and the Companies Act 2016 are important regulators in the Malaysian financial reporting scenario.