Financial Regulatory & Conceptual Framework

Principles are developed based on observing and predicting practices. This statement refers to:

• Positive theory

• Contingency theory

• Normative approach

• Predictive theory

Below are elements in enhancing qualitative characteristics, EXCEPT:

• timeliness

• understandability

• materiality

• comparability

Below are elements in fundamental qualitative characteristics, EXCEPT:

• completeness

• neutrality

• materiality

• comparability

Effective _______, Malaysia will be using MPERS for its private entities.

• 2013

• 2014

• 2015

• 2016

Which of the following best represents the objective of financial reporting as defined in the Conceptual Framework for Financial Reporting?

• To provide useful information to users of the financial statements

• To provide financial information to creditors of the business

• To provide financial information that can be used to make decisions about providing resources to the entity

• To provide information about financial position and financial performance relevant to a wide range of users

1. The selection or presentation of financial information is depicted without bias and should not be slanted, weighted, emphasised, de-emphasised or manipulated, so that users are free to use it to make their own judgments and decisions. This statement refers to:

• materiality

• neutrality

• verifiability

• completeness

Which of the following is NOT related to the faithful representation characteristics?

• materiality

• completeness

• neutrality

• free from error

____________________ has the power to delist, suspend or publicly reprimand errant listed companies.

• Securities Commission

• Bank Negara Malaysia

• Bursa Malaysia

• Ministry of Finance

MASB was established under _______ to take over the role of standard setting in Malaysia

• Financial Reporting Act 1997

• The Capital Market and Service Act 2007

• The Securities Commission Act 1993

• The Companies Act 2016

Before the current Financial Reporting Regime, ___________________ were the bodies that regulated the financial accounting and reporting practices in Malaysia.

• IASB and MASB

• FRF and MASB

• MIA and MICPA

• MICPA and IASB