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what are the purposes of malaysia financial reporting standards (MFRS)? List at least 3 purposes and...

what are the purposes of malaysia financial reporting standards (MFRS)? List at least 3 purposes and explain.
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Answer #1
  • The financial reporting framework of Malasiya serves the guildeline for preparation and presentation of Financial Statements.
  • It applies to all the local private companies in Malasiya. All the applicable companies must prepare their Financial Statements in accordance with the accounting standards which are set forth by the Malaysian Accounting Standards Board (MASB).
  • The purpose of Malaysia Financial Reporting Standards (MFRS) are :
  1. True and Fair presentation of Financial statements, Financial position and cash flows of an entity.
  2. Uniformity and comparability of presentation of Financial statements and its disclosures. It enables the ease of global comparisons of statements in the industry.
  3. To bring transparency, accountability and efficiency to financial markets . It helps to entail and retain trust and confidentiality amoung the investors and other stakeholders.
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