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FRS139 Meeting with Local Financial Institution

23 November 2009

Meeting with Local Financial Institution: FRS 139 Financial Instruments – Recognition and Measurement

The MASB held a special meeting with the local financial institutions to discuss FRS 139. The objective of the meeting was to update and understand what new concerns there maybe since the last meeting in August 2009. In addition, the meeting was intended to update participants on the international development of IAS 39, including the newly issued IASB Exposure Draft on Impairment.

The major financial institutions which attended the meeting were Affin Bank, Ambank, Bank Islam, Bank Muamalat, CIMB Bank, EON Bank, Hong Leong Bank, Maybank, Public Bank, and RHB Bank. Also in attendance were representatives from the Association of Banks in Malaysia and Bank Negara Malaysia respectively.

To assist in implementing FRS 139, the attendees requested the Board to include in the FRS, a transitional provision whereby Bank Negara Malaysia may prescribe an alternative basis for collective assessment of impairment for banking institutions in view of the existing revision to IAS 39 by IASB.

The MASB Chairman, En Mohammad Faiz chaired the meeting and MASB Technical Director, Ms Tan Bee Leng, lead the presentation during the meeting.