MASB

The Malaysian Accounting Standards Board (MASB) is established under the Financial Reporting Act 1997 (the Act) as an independent authority to develop and issue accounting and financial reporting standards in Malaysia. The MASB, together with the financial reporting foundation make up the new framework for financial reporting in Malaysia. This new framework comprises an independent standard-setting structure with representation from all relevant parties in the standard-setting process, including preparers, users, regulators and the accountancy profession. The functions and powers of the MASB as provided under the Act are to:

issue new accounting standards as approved accounting standards and to review, revise or adopt existing accounting standards as approved accounting standards; issue statements of principles for financial reporting; sponsor or undertake development of possible accounting standards; conduct public consultation as necessary; develop a conceptual framework for the purpose of evaluating proposed accounting standards; make such changes to proposed accounting standards as considered necessary; seek the view of the FRF in relation to new and existing standards, statement of principles, and changes to proposed standards; determine scope and application of accounting standards; and to perform such other function as the Minister of Finance may prescribe.

MIA
MIA is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. MIA's responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld. Its regulatory role is carried out through the following approaches:Having an effective and competitive assessment framework in admitting members into MIA to ensure that the profession is able to meet public expectations where its human capital is concerned Meeting the education and development needs of members as part of a commitment to help members be knowledgeable and maintain their relevance in todays markets Implementing professional standards and practices based on internationally accepted guidelines as standards and By-Laws for members to comply with in maintaining the integrity of the profession Having in place a robust disciplinary system for those who fail to comply with these standards and Bylaws. Since its establishment more than 40 years ago, MIA has also been an active partner in nation-building as it actively contributes views and ideas for the well-being of the nation and its economy. In addition, MIA monitors international and local accounting trends and developments, and consults regularly with the government and regulatory bodies. In the international and regional arena, MIA plays a significant role in developing and advancing the global accounting profession through its involvement in organisations such as Asean Federation of Accountants (AFA) Confederation of Asian and Pacific Accountants (CAPA) International Federation of Accountants (IFAC)

CROSS CONTAMINATION

Definition: Cross contamination is what happens when bacteria from one food item are transferred to another food item, often by way of unwashed cutting boards or countertops, as well as knives and other kitchen tools, or even unwashed hands. Cross contamination can in turn lead to food poisoning. Since dangerous bacteria are killed by cooking, the risk of cross contamination is highest where bacteria from a food item that needs to be cooked contaminates a food that doesn't need to be cooked. An example of this type of cross contamination is if a cook were to cut raw chicken on a cutting board and then later slice fresh tomatoes on the same board without washing it first. Raw eggs (which like uncooked poultry are a source of the salmonella bacteria) are another common cause of cross contamination. Preventing cross contamination requires good food safety habits such as frequent washing of hands, utensils, cutting boards and work surfaces. In professional kitchens, different colored cutting boards are used for different foods, such as raw poultry or fresh vegetables, so that cross contamination is less likely to occur.