Reference no: EM133328338

Question 1: The Malaysian Accounting Standards Board (MASB) is established under the Financial Reporting Act 1997 and acts as an independent authority in accounting and financial reporting standards in Malaysia. The members of the board comprise all relevant parties in the standard-setting process, including preparers, users, regulators and the accountancy professional bodies.

REQUIRED:

Describe any THREE (3) main roles of MASB.

Discuss THREE (3) main issues in relation to the standard setting process.

Question 2. At 1 a.m. on July 25, 2020, in Tokyo, Junichiro Ikeda, then-CEO of shipping company Mitsui OSK Lines (MOL), was most likely already in bed. At the same time in London, Bernard Looney, CEO of British Petroleum (BP), was probably enjoying a most pleasant weekend. Both probably had a rather routine day, in many ways a forgettable one. However, for the 1.2 million inhabitants of Mauritius, it did not turn out quite the same way. On a somewhat cloudy evening, the island nation was struck by the worst environmental disaster in its history.

The Wakashio, one of the world's largest capesize bulk carriers, was making its way from China to Brazil, passing through the Indian Ocean. As it was approaching the southern coast of Mauritius, it ran aground onto a coral reef. A few days later, the giant vessel, operated by MOL began leaking its fuel supplied by BP, into a pristine lagoon within the maritime borders of the East African country.

(Source: Laurette, B., Valayden, R., Steele, M., & Takada, H. (5 August 2021). Mauritius one year after oil disaster.

REQUIRED:

Identify TWO (2) impacts on the environment due to the above event.
Discuss the actions that should be taken by Mitsui OSK Lines (MOL) to the adverse event from Legitimacy Theory perspective.