Malaysia became a member of the International Accounting Standard Committee (IASC) in 1975. Since then, most of the International Accounting Standards (IASs) issues by the IASC, and International Financial Reporting

Standards (IFRS) issued by its successor, the International Accounting Standard Board (IASB), have been adopted in Malaysia. The Malaysian Accounting Standards Board (MASB) was established under the Financial Reporting Act 1997 (Act) as the standard-setting body of FRF whose functions shall be the determination and issuance of accounting standards for the preparation of financial statements, which are required to be prepared or lodged under any law administered by the Securities Commission Malaysia, Bank Negara Malaysia or

the Registrar of Companies.

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. The MASB, together with the Financial Reporting Foundation (FRF), make up the frameworks for financial reporting in Malaysia.

This framework comprises an independent standard-setting structure with representation from all relevant parties in the standard-setting process, including preparers, users, regulators and the accountancy profession.

On April 2001, the IASB adopted IAS 14 Segment Reporting, which had originally been issued by the International Accounting Standards Committee in August 1997. IAS 14 Segment Reporting replaced IAS 14 Reporting Financial Information by Segment, issued in August 1981.

On November 2006, the IASB issued IFRS 8 Operating Segments to replace IAS 14. IAS 1 Presentation of Financial Statements (as revised in 2007) amended the terminology used throughout the Standards, including IFRS 8.

a. Critically evaluate the role of MASB.

b. Critically evaluate the issues facing in the application of IFRS 8/MFRS 8