Malaysia's financial reporting framework includes the following:

• The Financial Reporting Act (FRA) 1997 is the legislation that established the Financial Reporting Foundation (FRF) and the Malaysian Accounting Standards Board (MASB);
• The MASB is an independent authority solely responsible for developing and issuing accounting and financial reporting standards for Malaysia;
• The FRF oversees MASB's performance, financial and funding arrangements and reviews MASB's proposed standards and pronouncements;
• The Securities Commission, Companies Commission of Malaysia, and Bank Negara Malaysia oversee compliance with Accounting and Financial Reporting Standards.

The MASB sets its accounting and financial standards in line with International Accounting Standards (IAS). Where there are no equivalent IAS standards, MASB issues standards to align guidelines to local conditions.

The approved accounting standards issued by MASB are outlined at the link below, including those specific to financial statements of Islamic Financial Institutions.

A link to the Malaysian Institute of Accountants, a statutory body that regulates and develops the accountancy profession in Malaysia, is provided below.