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Regulation and Standard Setting Process - Coggle Diagram
Regulation and Standard Setting Process
Professional Bodies in Malaysia
Accountant General's Office
Preparing monthly accounting financial information
Providing consulting services on accounting and financial matters to all agencies in the public sector
Malaysia Institute of Accountants
Specifies the requirement for accountants
Conducts research
Publishes materials that are related to accounting, auditing, management consulting services and taxes.
Auditor General's Department
Manages the audit of the public sector companies
Ensures public sectors follow accounting and reporting standards
The Companies Commission of Malaysia
To control corporate, company and business matters in relation to laws administered
Agent of the Government
The Central Bank of Malaysia
Banker and financial adviser to the Government
Controls inflation
Manages financial institutions, credit system and monetary policy
The Securities Commission
Maintains investors' confidence in the securities and futures markets
Manages all matters concerning securities and futures contracts
Ensures compliance with the rules of securities laws
Stages of Economic Growth
1956 - 1970
Bookkeeping is emphasized
Heavy investment in social infrastructures
1971 - 1985
Financial reporting and disclosures are emphasized
Capital market is considered as a source of funds
1986 - 1995
Improvement in financial reporting
Accountants are responsible for several financial activities
Roles of the Accounting Profession
Ensuring that accounting standards are followed
Governing organizations
The Financial Reporting Act 1997
The Financial Reporting Foundation (FRF) and the Malaysian Accounting Standard Board (MASB) was established under this act