The requirements of MASB 4 are consistent, in all material respects, with IASB's IAS 38 on intangibles.
MASB 4, similar to SSAP 13, does not prescribe a maximum period of amortization but states that development costs are normally amortized over a period not to exceed five years.
The MASB 4 R&D disclosure requirements are similar to those stated in the Ninth Schedule of the Malaysian Companies Act, 1965.
However, as stressed earlier, capitalization of qualified development costs is not mandatory ill the United Kingdom's SSAP 13 (and the original IAS 9), as opposed to Malaysia's MASB 4, IASB's IAS 38, and Australia's ASSB 1011.
In order to allow room for consistency and hence comparability, IAS 38, ASSB 1011, and MASB 4 have required companies to immediately write off their research costs (except for applied research, in the case of Australia) on the grounds of prudence.
The Securities Commission Act empowers the Securities Commission to streamline the operation of the securities and financial futures markets while the MASB is given the responsibility to issue accounting standards.
The MASB follows this statement in its requirements for the preparation of financial statements.
The MASB, in the proposed conceptual framework, states that it is necessary to determine the relevance of each business transaction or event to one specific accounting period because of the need to divide continuing operations into arbitrary time periods.
GAAP and MASB standards with respect to accounting assumptions.
A departure from the application of the historical cost principle is observed in MASB Standard 15, "Property, Plant and Equipment", whereby the standard allows revaluation of fixed assets, which is allowed by the U.