KUALA LUMPUR: The Malaysian Accounting Standards Board (MASB) yesterday issued MASB Exposure Draft (ED) 76 (Draft) Management Commentary (Guidance) for public comment.
The objective of ED 76 is to provide a broad, non-binding framework for the presentation of management commentary that relates to financial statements that have been prepared in accordance with Malaysia Financial Reporting Standards (MFRSs).
The [draft]Guidance is not a MFRS and as such its application is non-mandatory under the MFRS Framework.
The [draft]Guidance proposes to supplement and complement information presented in the financial statements through the provision of management’s view of the entity’s performance, position and progress.
Managements are encouraged to disclose information, for example forward looking information, that would help users understand their objectives and strategies for achieving those objectives.
Interested parties, including the business communities, are encouraged to study the ED and provide feedback to MASB.
The deadline to comment on the ED is July 30, 2012.
The Exposure Draft is available on the MASB website at www.masb.org.my.
The public is encouraged to provide their comments electronically through ‘Comment Online’ on the website.
Alternatively, comments may be sent to the Technical Director, MASB, Suite 5.02, Level 5 Wisma UOA Pantai, No. 11 Jalan Pantai Jaya, 59200 Kuala Lumpur, or by fax 603-22409300, or by
e-mail to [email protected]. — Bernama