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The Financial Reporting Foundation’s Role in Overseeing MASB

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The Financial Reporting Foundation (FRF) oversees the Malaysian Accounting Standards Board (MASB).

However, FRF does not develop or issue accounting standards. Its role is to supervise MASB and ensure that MASB performs its responsibilities properly.

A simple comparison is:

  • School principal: Oversees the teachers;

  • FRF: Oversees MASB; and

  • MASB: Develops and issues accounting standards.

For example, if MASB plans to introduce a major new accounting standard, FRF may:

  • Review the standard-setting process;

  • Provide feedback; and

  • Monitor MASB’s performance.

However, FRF does not draft or approve the accounting standard itself. MASB remains responsible for developing and issuing accounting standards.

An Everyday Comparison

In a football match:

  • The referee controls the game; and

  • The football association oversees the referee.

Similarly:

  • MASB is like the referee, responsible for setting the accounting rules; and

  • FRF is like the football association, responsible for overseeing MASB.

CCS | Beyond Numbers

财务报告基金会如何监督 MASB？

财务报告基金会（Financial Reporting Foundation，FRF）负责监督马来西亚会计准则委员会（Malaysian Accounting Standards Board，MASB）。

不过，FRF 并不制定或发布会计准则。FRF 的职责是监督 MASB，并确保 MASB 妥善履行其职责。

可以简单理解为：

  • **学校校长：**监督教师；

  • **FRF：**监督 MASB；以及

  • **MASB：**制定及发布会计准则。

例如，如果 MASB 计划推出一项重大的新会计准则，FRF 可能会：

  • 审查准则制定过程；

  • 提供意见；以及

  • 监督 MASB 的工作表现。

不过，FRF 本身并不负责起草或批准有关会计准则。制定及发布会计准则的责任，仍然属于 MASB。

日常生活中的比喻

在一场足球比赛中：

  • 裁判负责掌控比赛；以及

  • 足球协会负责监督裁判。

同样地：

  • MASB 就像裁判，负责制定会计规则；以及

  • FRF 就像足球协会，负责监督 MASB。

CCS | Beyond Numbers