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Supporting Implementation

MASB took a number of steps to assist in the MFRS application and implementation. One of which was to set up the MFRS Application and Implementation Committee (MAIC), including the issuance of education materials to support the application and implementation of Malaysian Financial Reporting Standards, MFRS. MAIC is expected to focus on a limited number of local pervasive issues (for example those that resulted from contractual and legal differences from other ‘IFRS-adopter’ jurisdictions) and not to seek to create an extensive rule-oriented environment, which will be inconsistent with the principle-based MFRS.

The education materials may include ‘MFRS Application and Implementation Guide’ (MAIG), Questions & Answers (Q&As), technical articles or guidance published in any other appropriate manner.

Nothing in the MAIC’s education materials should be construed as amending or overriding the respective MFRS as such guidance, at best, serve as a source of reference for identification of principles to resolve issue at hand which may be persuasive only.

1. MFRSs Application and Implementation Committee (MAIC) – About MAIC;

2. Submitting an Issue to MAIC

3. FAQ - Implementation of MFRS Standards