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Recommended: International accounting standards committee foundation

Financial Accounting Standards Board Believed that with the passage of time, the ultimate goal of convergence is to establish a uniform set of high quality, and international accounting standards that companies all over the world will be used for financial reporting both local and cross-border. In order to achieve this ultimate goal, the Financial Accounting Standards Board committed to financial accounting standards to work with other bodies to set standards for the development of accounting standards that are converged as possible without giving up the quality demanded by investors in the United States and other users of financial statements in all over the world .As in Malaysia Convergence with IFRS means completed compliance with international standards of financial reporting as a basis for financial reporting system in Malaysia. Actually, they are still in the process due to the aftermath of Malaysia and also must comply with local laws in the preparation of financial reports. They use the word "convergence" instead of "adoption." Thus, the frame further includes a dual intent is to complete convergence or the alignment of the two windows. As a result of the convergence plan IFRS; a new process was adopted by the Council for approval and adoption of new or revised standards for application in Malaysia.
There are many challenges for Malaysia to be full convergence with international financial reporting standards “IFRS” First challenge for full of IFRS in Malaysia is that under MFRS 1, when the cost of complying with Malaysian Financial Reporting Standards exceeds the advantages to the users of financial statements and also if retrospective application would mean that judgment by management of a known transaction is requir...

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...ial Reporting Standards “MFSR” by Malaysian companies. Malaysian companies were required to use their own accounting standards” MFRS “that it is Financial Reporting Standards” FRS” (PwC, 2009). On first of August 2008, the Malaysian Accounting Standards Board (MASB) announced the plan to require all listed and non-listed entities, excluding private entities, to conversance with IFRS by first of January 2012 (MASB, 2008).
Non-private corporations are commission by the law to apply the MFRS Framework (ie, IFRSs) for annual periods beginning on or after 1 January 2012, with the exception of Transitioning Entities “TEs”. Private entities are permitted to use the Malaysian Financial Reporting Standards “MFSR” Framework (identical with IFRSs) or they might use the Private Entity Reporting Standard “PERS” issued by the Malaysian Accounting Standards Board (MASB) MASB.

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