MASB's mission is to develop and promote high quality accounting and financial reporting standards that are consistent with international best practice for the benefit of users, preparers, auditors and the public in Malaysia. In a wider context, MASB seeks to participate in and contribute to the development of a single set of financial reporting standards for international use.

MASB actively monitors and comments on the work of the International Accounting Standards Board (IASB) as it develops the IFRS Standards. Visit this link for the MASB’s submissions to IASB.

In addition, MASB participates directly in some of the IASB standing consultative groups, namely the IASB Emerging Economies Group (EEG) and the Islamic Finance Consultative Group (IFCG). EEG was created at the direction of the IFRS Foundation Trustees, with the aim of enhancing the participation of emerging economies in the development of IFRS Standards. For more information about the EEG, visit this link. IFCG was established by the IASB to focus on challenges that may arise in the application of IFRS Standards to instruments and transactions commonly referred to as Islamic finance. For more information about the IFCG, visit this link.

Apart from working with IASB, MASB works with other national standard-setters within the Asian-Oceanian region, that is, the Asian-Oceanian Standard-Setters Group, AOSSG. The group has been formed to discuss issues and share experiences on the adoption of IFRS and to contribute to the development of a high-quality set of global accounting standards. For more information about the AOSSG, visit this link. MASB currently leads the two AOSSG Specific Topics Working Groups, namely on IFRS for SMEs (visit this link) and Islamic Finance (visit this link). Besides the AOSSG, MASB also participates in the International Forum of Accounting Standard-Setters, visit this link for the IFASS report.

The Papers presented by MASB at the international and regional meetings are listed below. The Papers relate to current financial reporting issues with the aim to improve the quality of financial reporting in the region and internationally.