logo
MASB expands its role in MFRS application and implementation (28 January 2019)

The Malaysian Accounting Standards Board (MASB) today announced the establishment of the MFRS Application and Implementation Committee (MAIC).

MAIC is entrusted 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.

MAIC will be chaired by a MASB board member (either current or former) and its members will be drawn from the accounting firms, commerce and industry and a representative from the Malaysian Institute of Accountants (MIA). Representatives from the regulators and professional bodies are appointed as observers to the Committee. Recommendations of MAIC are submitted to the MASB Board who will decide on the appropriate course of action.

The MASB expresses its deep gratitude to the Financial Reporting Standards Implementation Committee of MIA for the effort done in supporting the implementation of MFRS prior to the establishment of MAIC.

 

END

For enquiries, please contact:

Malaysian Accounting Standards Board
Unit 13A-1, Menara MBMR
No. 1, Jalan Syed Putra
58000 Kuala Lumpur
Tel: 03-2273 3100
Fax: 03-2273 9400