Accounting Standards

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The International Accounting Standards Committee (IASC) came into existence on 29/06/73 as a result of an agreement by accountancy bodies of many countries.

IAS is applicable to the published annual accounts of all commercial, industrial and business enterprises in Malaysia and of overseas subsidiaries and associated companies where these accounts are to be incorporated in consolidated financial statements in Malaysia.

You can view some of the professional organizations regulating the accountancy profession in Malaysia here and some of the policies and regulations here.

MAS are issued to augment IAS approved by the MIA. MAS are intended to cover topics not dealt with in IAS or topics where particular features of the Malaysian environment warrant a domestic standard written specifically to address those features.


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Accounting Organisations

Malaysian Accounting Standards Board
The Malaysian Accounting Standards Board (MASB) is established under the Financial Reporting Act 1997 (the Act) as an independent authority to develop and issue accounting and financial reporting standards in Malaysia.

 

Malaysian Association of CPAs

-Professional accountancy body in Malaysia

 

The Association of Chartered Certified Accountants (ACCA)
ACCA's mission is to provide quality professional opportunities to people of ability and application, to be a leader in the development of the global accountancy profession, to promote the highest ethical and governance standards and to work in the public interest.

 

The Chartered Institute of Management Accountants (CIMA)
CIMA (The Chartered Institute of Management Accountants) focus on management functions. It is internationally recognised as offering the financial qualification for business.

 

Certified Practising Accountants Australia (CPA AUSTRALIA)
CPA Australia is Australia's premier professional organisation of Certified Practising Accountants.

 

The Institute of Chartered Accountants in England and Wales (ICAEW)
ICAEW's objectives include :- to educate and train Chartered Accountants,  to maintain high standards for professional conduct among members.  

 

The Institute of Chartered Accountants in Australia (ICAA)
The ICAA's Mission is "To be the organisation of first choice for leading business, finance and knowledge management professionals".

 

Institute of Chartered Accountants of New Zealand (ICANZ)
I
CANZ's aim is to bring reporting practices closer together worldwide and it also contributes widely in many areas of advocacy, to advance the cause of understandable and consistent business laws.

 

The Canadian Institute of Chartered Accountants (CICA)
The CICA issues guidance on control and governance, publishes professional literature, develops education programs and represents the CA profession nationally and internationally.

 

Hong Kong Society of Accountants (HKSA)
HKSA
is the only statutory licensing body of accountants in Hong Kong responsible for regulation of the accountancy profession.

 

The Institute of Chartered Accountants of Scotland (ICAS)
ICAS
's Mission is to uphold the integrity and the standing of the profession of chartered accountancy in the interests of society and the membership, through excellence in education and the development of accountancy and through service to members and the enforcement of professional standards. 

 

The American Institute of Certified Public Accountants (AICPA)
AICPA is the premier professional association for CPAs in the US. With over 340,000 members, the AICPA acts as a conduit linking accounting and financial professionals throughout the world, sharing and extending its members' collective wisdom.

 

Institute of Certified Public Accountants of Singapore (ICPAS)
ICPAS is the national organisation of the accounting profession in Singapore. Established in June 1963 as the Singapore Society of Accountants under the Accountants Act, the Society was reconstituted and renamed the ICPAS on 11 February 1989, under the Accountants Act 1987 (Chapter 2A).

 

The Institute of Chartered Accountants of India (ICAI)
ICAI
was established on 1st July, 1949 by "The Chartered Accountants Act, 1949", for the purpose of regulating the profession of Chartered Accountants in India.

 

The Institute of Chartered Accountants of Pakistan (ICAP)
ICAP was established on July 1, 1961 to regulate the profession of Chartered Accountancy in the Country. It is a statutory autonomous body established under the Chartered  Accountants Ordinance 1961.

 

The Institute of Cost & Management Accountants of Pakistan (ICMAP)
ICMAP has maintained high standard, both in imparting education and training to graduating students, Government institution, public & private organizations, and has been meeting an important national human resource need through a steady flow of professional management accountants in the economy.

 

International Federation of Accountants (IFAC)
IFAC is an organization of national professional accountancy organizations that represent accountants employed in public practice, business and industry, the public sector, and education, as well as some specialized groups that interface frequently with the profession.

International Accounting Board Committee (IASB)
IASB is an independent, private sector body, formed in 1973 with the objective of harmonising the accounting principles which are used by businesses and other organisations for financial reporting around the world.

Confederation of Asian and Pacific Accountants (CAPA)
CAPA's mission is the development of the accounting profession in the Asia-Pacific region and aims to enhance the accountancy standards and development of the profession by promoting harmonisation through the adoption of IFAC and IASC standards.

Certified General Accountants Association of Canada (CGA)
CGA-Canada sets national educational standards and professional standards and practices, provides services to affiliates and members, contributes to international accounting standard setting, and represents CGAs nationally and internationally.

International Federation of Insolvency Professionals (INSOL INTERNATIONAL)
INSOL with its Member Associations will take the leadership role in international insolvency and related credit issues; facilitate the exchange of information and ideas, encourage greater international co-operation and communication amongst the insolvency profession, credit community and related constituencies.

Accounting Standards Board (ASB)
The role of the Accounting Standards Board (ASB) is to issue accounting standards.

Association of Accounting Technicians (AAT)
aims to add value to individuals and organisations by training, supporting and developing Accounting Technicians throughout the world.

Financial Accounting Standards Board (FASB)
The Financial Accounting Standards Board strongly and actively supports the internationalization of accounting standards.

 
Accounting Policies & Regulations

Approved Accounting Standards

-International report on international and Malaysian accounting standards.

 

Financial Accounting & Reporting Standards

-Works together with the Malaysian Accounting Standards Board.

 

Guidelines & Regulations

-Accounting standards, valuation and and revaluation of assets etc.

 

 

Management Accounting

-Statements on international management accounting studies and practices.

 

 

REPORTS

-Technical Pronouncements of approved accounting standards

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