The Malaysian Financial Reporting Standards (MFRS) framework was introduced by the Malaysian

Accounting Standards Board (MASB) and came into effect on 1 January 2012. It is fully compliant

with the International Financial Reporting Standards (IFRS) framework, which enhances the

credibility and transparency of financial reporting in Malaysia

Required:

(a) Further explain development of MASB and the Financial Reporting Foundation (FRF).

(b) List the functions of MASB.