MIA Sets Up Committee On FRS Implementation

On Jan 30,Malaysian Institute of Accountants (MIA) has launched the Financial Reporting Standards Implementation Committee (FRSIC).

According to MIA president Abdul Rahim Abdul Hamid,

· FRSIC was set up as there is the absence of a specific organisation that could facilitate the implementation of the standards,particularly on contentious or gray areas and to provide guidance to accountants,auditors and preparers on the implementation of financial reporting standards

· FRSIC deals with the issues of implementation,not interpretation,to narrow the differences (between various judgments) to a more acceptable range

· Malaysian Accounting Standards Board (MASB) would still be the “standard setter”dealing with the issuance and interpretation of standards.

· The committee is made up of seven members comprising four MIA council members and three members from professional bodies recognised under the Accountants Act.

· There are also five observers,one each from the Securities Commission (SC),Bursa Malaysia,Bank Negara Malaysia,Companies Commission of Malaysia and MASB.

· The committee would discuss and come up with a consensus on issues related to the implementation of the standards,after which it would produce and circulate the guidance to MIA members. The guidance notes would then become “best practices”,which must be followed by MIA members.

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