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What are approved accounting standards?

April 26, 2017Accounting Approved Standards

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What are approved accounting standards?

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Approved accounting standards are defined in the Financial Reporting Act 1997 as “accounting standards” which are issued or adopted by the Malaysian Accounting Standards Board. Pursuant to section 27 of the Act, the standards issued or adopted by MASB, are legally binding upon financial statements required to be prepared or lodged under any law administered by the Securities Commission, Bank Negara Malaysia and Suruhanjaya Syarikat Malaysia.