Financial reporting

The two main statute governing financial reporting by companies are Financial Reporting Act 1997 and Companies Act 2016.

• True

• False

Companies Act 2016 creates two independent bodies which are Financial Reporting Foundation and Malaysian Accounting Standards Board.

• True

• False

What is the role of Financial Reporting Foundation?

• To issue new accounting standards

• To review, revise or adopt standards as existing accounting standards

• To develop conceptual framework

• To supervise the activities of MASB

________ is a regulatory body that is responsible to promote monetary and financial stability.

• Bank Negara Malaysia

• Maybank Malaysia

• Securities Commission

• Registrar of Companies

________ is a regulatory body that is responsible to develop and regulate capital market in Malaysia.

• Bank Negara Malaysia

• Malaysian Accounting Standards Board

• Securities Commission

• Registrar of Companies

Which of the following is false about keeping accounting records?

• To sufficiently explain the transactions of the company

• Records need to be retained for five years

• Records are to be kept at the registered office

• Audit can be carried out conveniently and properly