MASB SEEKS VIEWS ON MANAGEMENT COMMENTARY

The Malaysian Accounting Standards Board (“MASB”) has, on 30 April 2012, issued MASB ED 76 Management Commentary (“Guidance”) for public comment.

The ED 76 provides a broad, non-binding framework for the presentation of management commentary that relates to financial statements that have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRSs”).

The [draft] guidance is not governed under the MFRS Framework. The objective of the [draft] guidance is to assist management in presenting useful management commentary that supplements and complements information presented in the financial statements. Such commentary includes management’s view of the entity’s performance, position and progress. Management should also include forward-looking information that explains the management’s objectives for the entity and its strategies for achieving those objectives.

MASB believes that it is critical for affected parties to provide feedback on the [draft] guidance.

The ED 76 is available for download on the MASB website at http://www.masb.org.my.

Members are encouraged to study the ED 76 and provide feedback to the Institute attechnical@mia.org.my by 23 July 2012 for onward deliberations with the MASB.

We look forward to receiving your comments.