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.  

Malaysia's laws on bankruptcy have been established in the Companies Act 1965, Bankruptcy Act 1967, and in their respective rules and in various amendments.

The Companies Act 1965 contains provisions for insolvency, rehabilitation, appointment of receivers, and winding-up procedures for companies. Specific laws governing industries may also have provisions governing insolvency of a company (e.g., the Banking and Financial Institutions Act 1989 for banks). The Bankruptcy Act 1967 covers bankruptcy laws for individuals. Insolvency Asia reports on the insolvency law regime in Malaysia are linked below.

The World Bank's Doing Business Survey assesses data on business closures. Results for Malaysia can be found at the link below.

The Asia-Pacific Restructuring and Insolvency Guide 2006 provides a guide to explain the restructuring and insolvency frameworks of Asia-Pacific countries. The link for Malaysia is provided below.

On October 2007, the Securities Commission’s Finance Committee on Corporate Governance released a revised Malaysian Code on Corporate Governance to strengthen Malaysia's corporate legal framework. The Malaysian Code on Corporate Governance (Revised 2007) supersedes the earlier code issued in March 2000.

The revised code contains key amendments aimed at strengthening the roles and responsibilities of boards of directors and audit committees, and ensuring they discharge their duties effectively.

In addition, Bursa Malaysia (formerly the Kuala Lumpur Stock Exchange) issues specific guidelines for listed companies and their directors.

The Civil Law Act of 1956 is the principal legislation governing contracts law and bankruptcy proceedings. It covers exchange of contracts in Malaysia. The World Bank's Doing Business Survey assesses data on contract enforcement. Results for Malaysia can be found at the link below.

The Securities Commission (SC) regulates and promotes Malaysia’s securities and futures markets under the Securities Industry Act 1983, Securities Commission Act 1993, Central Depositories Act 1991, and Futures Industry Act 1993. Through the Shari’a Advisory Council, SC initiates market compliance with shari’a principles in the Islamic capital market. SC reports to the Minister of Finance and has investigative and enforcement powers.

Bank Negara Malaysia (BNM) regulates all financial institutions, issues codes of conduct and rules to ensure the smooth functioning of the bond market. Under the Banking and Financial Institutions Act 1989, BNM licenses and regulates banking, finance, merchant banking, discount houses, and money-broking businesses.

Under the Islamic Banking Act 1983, BNM establishes the financial requirements, duties, ownership, restrictions, powers of supervision, and other general provisions—such as penalties—for Islamic banks.

Bursa Malaysia (formerly the Kuala Lumpur Stock Exchange) is a self-regulatory organization governing member companies’ conduct in securities. It is also responsible for marketplace surveillance. On behalf of SC, it supervises and enforces disclosure standards for listed companies.