Malaysia Conceptual Framework of Financial Reporting

Question 1

What is Conceptual Framework for Financial Reporting

Answer 1

Describes the objective of, and the concepts for, general-purpose financial reporting.

Question 2

The purpose of the Conceptual Framework

Answer 2

Assist the MASB to develop MFRS Standards (Standards) that are based on consistent concepts

Assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other events

Assist all parties to understand and interpret the Standards