IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction.

In November 2011 the Malaysian Accounting Standards Board (MASB) issued MFRS 101 Presentation of Financial Statements. The Standard is applicable for annual periods beginning on or after 1 January 2012. MFRS 101 is equivalent to IAS 1 Presentation of Financial Statements as issued and amended by the International Accounting Standards Board (IASB).

Critically evaluate the roles of MASB and the adoption of going concern concept in the preparation and presentation of financial statements.

(20 marks)