1 This Act may be cited as the Financial Reporting Act 1997. The Malaysian financial reporting framework is keeping pace with the global development. 1 Many of the detailed rules are in regulations made under section 65. . Sign up for free to create engaging inspiring and converting videos with Powtoon. An Act to amend the Financial Reporting Act 1997. To review revise or adopt as approved accounting standard existing accounting. Date of Royal Assent. Thus from 1 January 2006 Malaysian companies are required to implement all the Financial. ENACTEDby the Parliament of Malaysia as follows. Repealed on 1 April 2014 by section 54 1 of the Financial Reporting Act 2013 2013 No 101. To issue new accounting standards as approved accounting standard. It was established as an independent authority to develop and issue. Under the Financial Reporting Act of 1997 the Malaysian Accounting Standards Boar...