Supporting Implementation

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).

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 issued by 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 education 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.

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

2. Submitting an Issue to MAIC

3. FAQ - Implementation of MFRS Standards

4. Technical Articles

5. Status of Issues Submitted to MAIC