Meeting with REHDA on IC Interpretation 15

9 August 2010

Meeting with REHDA on IC Interpretation 15

The Secretariat held a meeting with REHDA on the implication of IC Interpretation 15 Agreements for the Construction of Real Estate. The application of IFRIC 15 (= IC Interpretation 15) in other jurisdictions were also discussed.

Following the meeting, the next steps to be taken by the secretariat, amongst others were:

•           To invite IASB to Malaysia for more inputs;

•           To explore positions in other jurisdictions to help MIA; and

•           To consider implementation or stress test.

It was also concluded that the following steps were to be taken by the MIA:

•           To resolve different legal views and consult Bar council;

•           To clarify positions of accounting firms around the globe; and

•           To consult the Housing Ministry & House-buyers Associations