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Meeting with Investment Holding Companies on FRS Implementation Issues

28 April 2010

Meeting with Investment Holding Companies on FRS Implementation Issues

A meeting between the MASB and representatives of investment companies was held at MASB office. The objective of the meeting was to update the participants on the development of the new IFRS 9 Financial Instruments and to seek feedback and concerns on IFRS 9.

One of the feedbacks obtained was that participants were in favour of early adoption of part 1 of IFRS 9 on Classification and Measurement of financial instruments.

Other topics discussed during the meeting included:

  • Issue of distribution of dividends out of unrealised profits
  • Participants were informed that the IASB were gathering feedback on its ED on amortised cost measurement and impairment of financial assets.

MASB Chairman, Mohammad Faiz chaired the meeting. Present at the meeting was representatives from CIMB-Principal Asset Management Berhad, EPF, Johor Corporation, Khazanah Nasional Berhad, Lembaga Tabung Angkatan Tentera, PNB and Valuecap Sdn Bhd.