Background

Malaysian Accounting Standards Board (MASB) was established in 1997 (Act) as the standard-setting body of Financial Reporting Foundation (FRF) whose functions shall be the determination and issuance of accounting standards for the preparation of financial statements, which are required to be prepared or lodged under any law administered by the Securities Commission Malaysia, Bank Negara Malaysia or the Registrar of Companies. The MASB, together with the FRF make up the frameworks for financial reporting in Malaysia.

Accounting Standards

Companies registered in Malaysia are required to prepare statutory financial statements in accordance with the approved accounting standards issued by the Malaysian Accounting Standards Board (MASB). Foreign companies listed on a stock exchange in Malaysia may prepare financial statements in accordance with certain internationally recognised accounting standards such as IFRS Accounting Standards.

Sustainability Disclosure Standards

On 23 December 2024, the Malaysian Stock Exchange (Bursa Malaysia Securities Berhad) amended its listing requirements to require main and ACE market participants to provide sustainability disclosures in line with the Malaysian National Sustainability Reporting Framework (NSRF). The NSRF requires the disclosure of sustainability-related information using IFRS S1 and IFRS S2.

*The information above has been translated and compiled from publicly available sources, including the official websites of relevant institutions and the website of IFRS.