Malaysian Accounting Standard Board (MASB) was established under the Financial Reporting Act in 1997. Statement 1 10 of 15 a. Explain the principle of the standards developed by the MASB. b. Briefly explain the step that had been undertaken by the MASB to initiate a broad strategic direction to align its accounting standards with those issued by the IASB in order to keep up with the development worldwide. (7)