question10) FINANCIAL ACCOUNTING AND REPORTING 1 March 2016 BAC1634 FINANCIAL ACCOUNTING & REPORTING 1 27 OCTOBER 2020 QUESTION 1 i- The Malaysian Accounting Standards Board (MASB) is established under the Financial Reporting Act 1997 (Act) as an independent authority to develop and issue accounting and financial reporting standards in Malaysia. Prepare a brief note regarding the functions of MASB as provided under the Act? (5 marks) ii- On 1 July 2000, XYZ Bhd acquired a building costing RM6,800,000. The building is estimated to have a useful life of 50 years. It was occupied as the headquarters for XYZ Bhd business operations in Alor Gajah, Melaka. In a recent board meeting in January 2018, the board of directors of XYZ Bhd had agreed to move the company's headquarters to a new building located in Bandar Baru Bangi, Selangor. Since then the company has been actively seeking a buyer. Furthermore, advertisements have also been placed to speed up the sale of the building. The building in Alor Gajah has been vacated in May 2018 and a buyer has been located