Section 7

to issue new accounting standards as approved accounting standards;

to review, revise or adopt as approved accounting standards, existing accounting standards;

to amend, substitute, suspend, defer, withdraw or revoke any approved accounting standards in whole or in part;

to issue, approve, review, revise, amend, substitute, suspend, defer, withdraw or revoke any issues bulletin in whole or in part;

to issue, approve, review, revise, amend, substitute, suspend, defer, withdraw or revoke any statement of principles, any technical and other releases and any other document relating

Financial Reporting 11

to financial reporting by whatever name called in whole or in part;

to sponsor or undertake development of possible accounting standards;

to collaborate with other national and international accounting standard-setters and monitor the development of other national and international accounting standards;

to participate in and contribute to the development of a single set of accounting standards for international use;

to conduct such public consultation as may be necessary in order to determine the contents of accounting concepts, principles and standards;

to develop a conceptual framework for the purpose of evaluating proposed accounting standards;

to make such changes to the form and content of proposed accounting standards as it considers necessary;

to monitor the operation of approved accounting standards to assess their continued relevance and their effectiveness; and

to perform any other function conferred or imposed upon it by this Act or such other function as the Minister may prescribe by order published in the Gazette.

any published accounts of a commercial, industrial or business enterprise in Malaysia and of overseas subsidiaries and associated corporations where those accounts are to be incorporated in consolidated accounts in Malaysia; and

accounting periods or interim accounting periods;

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Laws of Malaysia ACT 558

and may —

(aa) have general or specific application;

(bb) differ according to differences in time or circumstance.