MASB took a number of steps to assist and support the consistent application of the Malaysian Financial Reporting Standards, MFRS, including setting up of the MFRS Application and Implementation Committee (MAIC).
The 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 educational materials issued by the MAIC may include the ‘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 educational materials should be construed as amending or overriding the respective MFRS as such guidance serves as a source of reference for identification of principles to resolve the issue at hand.
4. MAIC Educational Materials
MASB Educational Materials
The MASB frequently receives questions from preparers, auditors and users of MASB Standards. The MASB staff have prepared technical articles and answers to some of these questions which are available at the following links. These technical articles and answers do not in any way represent the official position of the MASB.