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about the financial performance and position of an organisation and it act as a communication tools between the two parties. (Collis and Hussy, 2007) However, it is important to prepare a financial report which is standardising so that it is easier for external user to make comparison. Thus, in order to ensure all the financial statements are prepared according to developed framework, the process of financial reporting is monitored by a regulatory framework according to Collis and Hussy (2007). For instance, accounting profession, auditing, company law, taxation and stock exchange requirements are some of the provider of regulatory framework.

Initially, According to Jamaludin (2008), there are 3 regulatory bodies in Malaysia. They are the Malaysian Institute of Accountants (MIA), Malaysian Institute of Certified Public Accountants (MICPA), Malaysian Accounting Standard Board (MASB) together with Financial Reporting Foundation (FRF). MIA was established in 1967 under Accountants Act 1967. Next, MICPA is previously known as 'the Malayan Association of Ceritfied Public accountants' and it is established in 1958 under the Companies Ordinances. Then, MASB and FRF were established in 1997 under the Financial Reporting Act 1997.Secondly, in terms of auditing, the auditors in Malaysia are regulated by Audit Act 1957 and the Auditing and Assurance Standards Board (AASB) which established by MIA in the year 2009. (Tan, 2011) Thirdly, companies in Malaysia are regulated by the Companies Act 1965. Besides, income tax, corporate tax, sales and service tax are the three main taxes which need to be paid by an entity or an individual in any area of business. On the other hand, Income tax 1967 is introduced to ensure that the tax system is operating effectively in Malaysia. In terms of stock exchange, all the stocks of listed companies are traded in Malaysia Stock Exchange named 'Bursa Malaysia'.

Accounting profession
Again, MIA, MICPA, and MASB together with FRF are the accounting profession in Malaysia. These regulatory bodies play several important roles in accounting development of Malaysia. For instance, they are responsible to implement professional standards and practises according to internationally accepted guidelines and standards. Secondly, they also in charge in developing a strict disciplinary system for those parties who fails to adopt or comply with the implemented accounting standards. In particularly, MIA is the main regulatory body in Malaysia. For instance, MIA involvement in Asean Federation of Accountants (AFA) and International federation of Accountants (IFAC) enables Malaysian accountants to have a voice on these global and regional platforms. It also enables the latest overseas development to be brought home to improve the local profession. In this case, MIA becomes the backbone of accounting development in Malaysia. Furthermore, none of the people can be an accountant whithout registered as a member of MIA as provided under the provision of Accountants Act 1967. (MIA Official Web)

Company law
All the business operations as well as financial reporting requirements of the companies in Malaysia are regulated by Companies Act 1965. In particularly, Section 166A until Section 171 of Companies Act 1965 stated the accounting regulations which need to be followed by the companies in Malaysia. If any of the company did not follow the accounting regulations, penalty will be given.
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