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Awareness Session on MFRS Application and Implementation Committee (MAIC)

The Malaysian Accounting Standards Board (MASB) is organising a half-day Awareness Session on MFRS Application and Implementation Committee (MAIC).

MFRS Application and Implementation Committee

Malaysian Accounting Standards Board (MASB) set up MFRS Application and Implementation Committee (MAIC) on 28 January 2019 to look into issues where there are existing and potential divergent practices as well as facilitating consistent application and implementation of the Malaysian Financial Reporting Standards (MFRS) for the benefit of capital market.

The MASB’s work programme and involvement in the application and implementation of MFRS mirror that of the International Accounting Standards Board (IASB) and its interpretative body, IFRS Interpretations Committee which works with the IASB in supporting the application and implementation of IFRS Standards.

Mr. Foo Yoke Pin, Project Director of MFRS Implementation Activities will provide participants with insightful information on MAIC and how MAIC supports stakeholders of financial reporting.

IFRIC’s Agenda Decisions

An agenda decision will be published by IFRIC when it decided not to add an issue to its standard-setting agenda. Agenda decision explains why the IFRIC concludes that there is no need to amend or add to requirements in IFRS Standards (the Standards) after considering an application question. Agenda decisions often include information to help entities applying the Standards by explaining how the applicable principles and requirements in the Standards apply to the question submitted. Agenda decisions do not have the authority of IFRSs and they will therefore not provide mandatory requirements.

However, they should be seen as helpful, informative and persuasive in ensuring consistent application of Malaysian Financial Reporting Standards, which are word for-word the IFRS Standards.

Ms. Tan Bee Leng, Executive Director of MASB will brief the participants on agenda decisions and how preparers of financial statements prepare for the adoption of agenda decision impacting them.

The half-day session will provide participants with a platform to:

  • better understand the roles and responsibilities of MAIC as well as its due process in facilitating consistent application and implementation of MFRS;

  • receive an update on the MFRS application and implementation issues considered by MAIC;

  •  have a better insight into IFRIC’s agenda decision; and

  • prepare themselves for the upcoming IFRIC’s agenda decisions.

Date

Venue

Brochure

Closing date

Wednesday, 18 September 2019 Nusantara Ballroom 2, Sheraton Imperial Kuala Lumpur Hotel Click here CLOSED
Monday, 23 September 2019 Wembley Room 10, Level 9, The Wembley, Penang Click here CLOSED
Monday, 2 December 2019  Hilton Kuching, Sarawak Click here 26 November 2019
Tuesday, 3 December 2019  Hilton Kota Kinabalu, Sabah