The Financial Reporting Foundation and the Malaysian Accounting Standards Board move closer to world convergence of accounting standards when they jointly announced their plan to change the nomenclature of MASB Standards. Beginning 1 January 2005, existing MASB Standards will be renamed Financial Reporting Standards "FRS" in line with similar move by other countries in this region to change the name of their standards.

The change will take effect for companies preparing financial statements for annual period beginning on or after 1 January 2005. Details of the press release is available on MASB's website at http://www.masb.org.my