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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)?

19 (correct)

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

To develop and issue accounting and financial reporting standards in Malaysia Signup and view all the answers

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

To review performance of MASB Signup and view all the answers

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

To provide views to the MASB on any matter that MASB seek to undertake within its functions Signup and view all the answers

Financial Reporting Act 1997 and MASB

Choose a study mode

Podcast

Questions and Answers

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

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

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

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

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

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

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