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theori-regime report
1.0 Evolution of Accounting Reporting in Malaysia
In 1958, MICPA formed under the Companies Ordinances 1940-1946 as a professional body. In 1965 there was established the Company Act. So in 1967, Accountants Act, an Act to provide for the registration of accountants and matters connected to it. “Malaysian Institute of Accountants” established. Early 1970’s, International Accounting Standard establish for Bursa Malaysia and Companies Registrar.
In 1990’s Securities Commission (SC) did the framework of statutory capital market. In 1970, Financial Reporting Act, an Act to establish the Financial Reporting Foundation and the Malaysian Accounting Standards Board (MASB), to provide for their functions and powers and to provide for matters connected to it. “Malaysian Accounting Standards Board” established. In early 2005, Accounting Standards Board (MASB) changes to FRS, financial reporting standard. After 3 years in 2008 they announce of IFRS convergence. In 2009, Entities assess accounting policies with reference to FRS 139 and develop an adoption plan. FRS 139 stated about financial instrument Recognition and measurement.
In 1 Jan 2010, it is mandatory for adoption of FRS 139 by non-private entities. Then in 31 Mar 2010, the first interim financial statements prepared by listed companies using FRS 139 requirements. In 31 Dec 2010, First annual financial statements prepared using FRS 139(Recognition and measurement). In 1 Jan 2011, they prepare opening IFRS Balance Sheet and in 1 Jan 2012, Changeover from Malaysian FRS to IFRS for the first year reporting under full IFRS regime. Then in 31 Dec 2012, the first annual financial statements prepared using IFRS framework.

2.0 Accounting Profession and the Financial and Reporting Environment

Then cont for key palyers.
Financial reporting system in Malaysia is led by the Ministry of Finance Malaysia. All financial reports of government
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