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    BAC1634 - Tutorial 1 Q

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    Lee Hau Sen
    This document discusses global accounting standards and the Malaysian Financial Reporting Standards (MFRS). It provides three questions and answers about why global standards are needed, the purpose of exposure drafts, and how the International Financial Reporting Interpretations Committee (IFRIC) contributes to standards development. Specifically, it notes that global standards provide consistency, reduce costs, and facilitate international transactions. Exposure drafts solicit public feedback before finalizing standards. And IFRIC addresses questions about interpreting and applying standards to help uniform implementation.

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    BAC1634 - Tutorial 1 Q

    Uploaded by

    Lee Hau Sen
    27 views1 page
    This document discusses global accounting standards and the Malaysian Financial Reporting Standards (MFRS). It provides three questions and answers about why global standards are needed, the purpose of exposure drafts, and how the International Financial Reporting Interpretations Committee (IFRIC) contributes to standards development. Specifically, it notes that global standards provide consistency, reduce costs, and facilitate international transactions. Exposure drafts solicit public feedback before finalizing standards. And IFRIC addresses questions about interpreting and applying standards to help uniform implementation.

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    This document discusses global accounting standards and the Malaysian Financial Reporting Standards (MFRS). It provides three questions and answers about why global standards are needed, the purpose of exposure drafts, and how the International Financial Reporting Interpretations Committee (IFRIC) contributes to standards development. Specifically, it notes that global standards provide consistency, reduce costs, and facilitate international transactions. Exposure drafts solicit public feedback before finalizing standards. And IFRIC addresses questions about interpreting and applying standards to help uniform implementation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    27 views1 page

    BAC1634 - Tutorial 1 Q

    Uploaded by

    Lee Hau Sen
    This document discusses global accounting standards and the Malaysian Financial Reporting Standards (MFRS). It provides three questions and answers about why global standards are needed, the purpose of exposure drafts, and how the International Financial Reporting Interpretations Committee (IFRIC) contributes to standards development. Specifically, it notes that global standards provide consistency, reduce costs, and facilitate international transactions. Exposure drafts solicit public feedback before finalizing standards. And IFRIC addresses questions about interpreting and applying standards to help uniform implementation.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 1

    BAC1634 FINANCIAL ACCOUNTING & REPORTING 1

    TUTORIAL 1

    Visit these websites to answer the questions:

    http://www.masb.org.my/

    https://www.ifrs.org/

    Q1- Why do we need global accounting standards?

    Global accounting standard set a common ground for financial statements to be set for all industries so
    that all financial statement can be compared. The comparison is useful for providing adequate and
    relevant decision making by both industries management and investors. It also reduce the unnecessary
    cost and resources in unifiying various stardard across differrent countries, which makes recoding of
    international economical transactions difficult.

    Q2- What is Exposure Draft? Does Expose Draft different from the MFRS?

    Exposure draft is the draft standard which the board open for comments from any interested
    parties, receiving dissenting views to the proposals, set up proposed details to the
    amendments and the basics of conclusion.

    This allows to solicit public opinions and views from the interested parties before finallised the
    draft as a standard.

    MFRS is a set of standards, principles, and procedures that allows the unification of financial
    reporting policies and practices.

    Q3- Big Cup Berhad is a listed company engaging in the manufacturing business. The
    financial year end is 31 March annually. The company should comply with the MFRS 16.
    State the financial period that Big Cup Berhad should adopt MFRS 16.

    Q4- How does IFRIC Interpretation Committee contribute to standards development and
    implementation?

    IC allows questions regarding a standard to be raised. Then it decides whether a standard is required to
    be set to address the questions. It may choose not to set up a standard as it may be isolated problem or
    enactment of new standard may raise additional issue to other entity. Th IC then lay out agenda decision
    which is opened for comments for 60 days and provides additional info regarding how to apply the
    standard.

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