Malaysia Conceptual Framework of Financial Reporting Flashcards

(2 cards)

1
Q

What is Conceptual Framework for Financial Reporting

A

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

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2
Q

The purpose of the Conceptual Framework

A

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

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