Financial Reporting Act 1997 and MASB
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Questions and Answers

Who is responsible for the financing arrangements and operation of MASB according to the text?

  • Financial Reporting Foundation (FRF) (correct)
  • Minister of Finance
  • Secretary general of the Treasury
  • MASB Chairman

What is the function of the Financial Reporting Foundation (FRF)?

  • To maintain proper accounts and prepare an annual statement of account of the FRF
  • To develop and issue accounting and financial reporting standards
  • To oversee the performance of MASB (correct)
  • To administer the fund established to finance the ongoing operation of FRF and MASB

How many members make up the Financial Reporting Foundation (FRF)?

  • 15
  • 10
  • 19 (correct)
  • 22

What is the role of the Malaysian Accounting Standard Board (MASB)?

<p>To develop and issue accounting and financial reporting standards in Malaysia (A)</p> Signup and view all the answers

What is the direct responsibility of the Financial Reporting Foundation (FRF) with regard to standard setting?

<p>To review performance of MASB (C)</p> Signup and view all the answers

What is the primary function of the Financial Reporting Foundation (FRF)?

<p>To provide views to the MASB on any matter that MASB seek to undertake within its functions (C)</p> Signup and view all the answers

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