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Briefly explain about the unique FRS in Malaysian standard

The unique FRS in Malaysian standard is to issue statements of principles for financial reporting. Means, it is a description of the fundamental approach that the Malaysian Accounting Standards Board believes should, in principle, underpin the financial statements of profit-oriented entities. The Statement is intended to be a comprehensive and reasonably detailed description of that approach, and the approach itself is intended to be internally consistent, up-to-date and in line with the approaches adopted elsewhere in the world. FRS in Malaysian standard also develop a conceptual framework for the purpose of evaluating proposed accounting standards. Conceptual frameworks, in general, organize the premises and concepts that underlie corporate accounting, particularly financial accounting. It offers a conceptual basis for accounting standards and, as a result, is expected to help provide a better understanding of these standards and enhance foreseeability in their interpretation. Moreover, conceptual frameworks, in general, aid users of financial statements and should have the effect of preventing unnecessary costs that those users might incur when attempting to interpret accounting standards. FRS will improve the comparability level between companies as the financial statements are prepared using a better standard. Companies that are involved in foreign activities and investing benefit from the switch due to the increased comparability of a set accounting standard. As Malaysian companies’ published accounts are being widely used by the users of the financial statements whether for investment purposes or for any other reasons that may deem fit, majority of the respondents also believe that the perceptions’ of the users of the published accounts will improve if FRS is being adopted by the preparers in...

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