SUBJECT : ACCOUNTING: THEORY AND EMERGING ISSUES

QUESTION 4 In Malaysia, the accounting standards are issued by Malaysian Accounting Standards Board (MASB). It is established under the Financial Reporting Act 1997 as an independent authority to develop and issue accounting and financial reporting standards in Malaysia. Currently, there are three main sets of accounting standards applicable in Malaysia, i.e., Malaysian Private Entities Reporting Standards (MPERS), Malaysian Financial Reporting Standards (MFRSs) and Malaysian Public Sector Accounting Standards (MPSAS). These different accounting standards have different scopes and users, but the objective is the same. Such accounting standards aim to provide financial information to investors, lenders, creditors, contributors, and others to help in making decisions about providing resources to the entity. Required: Discuss the similarities and/or differences between the three frameworks for the initial measurement and subsequent measurement of Investment property. a. . Initial measurement b. Subsequent measurement (5 marks) (10 marks)