The Financial Reporting Foundation (FRF) was established as an independent body under the Financial Reporting Act 1997 (Act). The FRF and the Malaysian Accounting Standards Board (MASB) are part of the financial reporting framework in Malaysia.  The framework comprises representation from all relevant parties in the standard setting process, including preparers, users, regulators and the accountancy profession.

The FRF is largely responsible for the establishment of a sound and effective infrastructure for the financial reporting framework and acts as a sounding board for the adoption of the MASB's accounting standards, technical pronouncements and its annual work programme. The FRF, as a trustee body, has responsibility for the oversight of the MASB's performance, financial and funding arrangements, and as an initial source of views for the MASB on proposed standards and pronouncements. It has no direct responsibility with regard to standard setting. This responsibility rests solely with the MASB.

The functions of the FRF as provided under section 4 (1) of the Act:

(a) to oversee the carrying out of the functions of the MASB; and

(b) to perform any other function as the Minister may prescribe by order published in the Gazette.

Without limiting the generality of functions of the FRF in subsection (1), the FRF shall be responsible:

(a) to provide its views to the MASB on any matter which the MASB seeks to undertake or  implement in relation to the MASB’s functions under section 7 of the Act;

(b) to review the performance of the MASB; and

(c) for all financing arrangements for the operations of the MASB, including approving the budget of the  MASB.

MEMBERS OF THE FINANCIAL REPORTING FOUNDATION

The Financial Reporting Foundation (FRF) comprises twelve (12) members who are appointed by the Minister of Finance. Eight (8) of the members are ex-officio representing the Minister of Finance, the Central Bank of Malaysia, the Securities Commission Malaysia, the Audit Oversight Board, the Registrar of Companies, Bursa Malaysia Berhad, the Malaysian Institute of Accountants and the Malaysian Accounting Standards Board. The four (4) other members who possess knowledge and experience in matters of financial accounting and in one or more of the following fields of accountancy, law, business, or finance.

The members are:

• Tan Sri Azlan Zainol (Chairman)
• Puan Mahfuzah Baharin - Section Leader, Tax Division, Ministry of Finance
• Encik Donald Joshua Jaganathan - Assistant Governor, Bank Negara Malaysia
• Datuk Syed Zaid Albar - Chairman, Securities Commission Malaysia
• Dato’ Gumuri b Hussain - Non-Executive Chairman, Audit Oversight Board
• Datuk Muhamad Umar Swift - Chief Executive Officer, Bursa Malaysia Berhad
• Encik Mohamed Raslan Abdul Rahman - Chairman, Malaysian Accounting Standards Board
• Encik Sridharan Nair - Managing Partner, PricewaterhouseCoopers
• Encik Jalalullail Othman - Partner, Shook Lin & Bok
• Puan Anne Rodrigues - Independent Non-Executive Director, Kuala Lumpur Kepong Berhad 

Members of the FRF Committees are:

Executive Committee

• Tan Sri Azlan Zainol
• Puan Mahfuzah Baharin
• Datuk Syed Zaid Albar
• Datuk Muhamad Umar Swift
• Encik Mohamed Raslan Abdul Rahman

Audit Committee

• Dato’ Gumuri b Hussain
• Encik Sridharan Nair
• Encik Jalalullail Othman

Nomination Committee

• Datuk Syed Zaid Albar
• Tan Sri Azlan Zainol
• Encik Mohamed Raslan Abdul Rahman
• Encik Donald Joshua Jaganathan

Please click here for the profile of the FRF members.