IFRS is issued by the International Accounting Standards Board whose mission is to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards for general purpose financial statements. On 1 August 2008, the FRF and MASB announced their plan to bring Malaysia to full convergence with International Financial Reporting Standards (IFRSs) by 1 January 2012.

Companies incorporated in Malaysia are required to prepare statutory financial statements in accordance with the approved accounting standards issued by the Malaysian Accounting Standards Board (MASB). MASB Approved Accounting Standards set out recognition, measurement, presentation and disclosure requirements dealing with transactions and events that are important in general purpose financial statements. They may also set out such requirements for transactions and events that arise mainly in specific industries.

Required:

(a) Critically evaluate the role of IASB and MASB.

600 words are necessary