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Role of Masb

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MASB converged with IFRS in 2012

What is MASB’s future role after convergence with IFRS?
(Jasmin)

The importance of national standard setting bodies is again emphasised in the recent IFRS Foundation publication where the trustees had sought public comment of their strategy review for the next decade. It is stated in that consultative document that the IFRS Foundation and IASB should encourage the maintenance of a network of national and other accounting standard-setting bodies as an integral part of the global standard-setting process. National and other accounting standard-setting bodies should continue to undertake research, provide guidance on the IASB’s priorities, encourage stakeholder input from their own jurisdiction into the IASB’s due process and identify emerging issues.

1) Promote Regional collaboration ( Jasmin)

The MASB actively participate in the activities of the Asian-Oceanian Standard-Setters Group (AOSSG), where Malaysia is one of the founding members. The composition of members of the AOSSG with countries such as Australia, China, Japan, Korea and India, to name a few, will endow with it a stronger voice to convey concerns and important feedback on issues from the Asian-Oceanian region to the IASB to improve future IFRS towards development of a single set of high quality international accounting standards.
The AOSSG currently has 25 member standard setters from the Asian Oceanian region: Australia, Brunei, Cambodia, China, Dubai, Hong Kong, India, Indonesia, Iraq, Japan, Kazakhstan, Korea, Macao, Malaysia, Mongolia, Nepal, New Zealand, Pakistan, Philippines, Saudi Arabia, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam. For more details about AOSSG, please visit www.aossg.org.

2) Facilitate…...

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