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Include Left - About MIA - Structure
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Financial Reporting Standards Implementation Committee (FRSIC)
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Chairman: |
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Abdul Rahim Abdul Hamid |
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Members: |
Ahmad Zahirudin Abdul Rahim
Dato' Narendra Kumar Jasani
Esther Cheah Pooi Lin
Ng
Kean Kok
Ng Kim Tuck
Stephen Oong Kee Leong
Mohamed Raslan Abdul
Rahman
Alex Ooi Thiam Poh
Siew Kar Wai
Thong Foo Vung |
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Observer: |
Mohammad Faiz Muhammad Azmi
Liew Kim Yuen
Toh Ying Ying
Wong Kay Yong |
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1. Objectives
The main objective of Financial Reporting Standards Implementation Committee
(“FRSIC”) is to provide assistance to MIA members on matters of common interest
relating to accounting standards by way of providing implementation guidance to
both preparers and auditors.
2. Accountability
The Committee will report to the Council.
3. Scope and Authority
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3.1 |
The Committee discusses financial reporting issues submitted by
the members of the public, having regard to: |
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a) |
statutory and regulatory reporting requirements; |
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b) |
practical issues relating to the implementation of the standard; |
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c) |
current studies/projects undertaken relevant to the issue; and |
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d) |
accounting standards and practice in other major standard
setting jurisdiction |
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3.2 |
The Committee will not consider any issues that have been added
to the agenda of the Malaysian Accounting Standards Board
(“MASB”), or matters which falls within the ambit of the MASB
unless specifically requested by the MASB. |
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3.3 |
The Committee has the prerogative to exclude from its agenda
issues that are not within the scope of FRSIC. |
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3.4 |
The Committee carries out the necessary research on the issues
which have been included in FRSIC agenda. |
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3.5 |
The Committee provides implementation guidance on the issues to
the members of the Institute. |
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4. Term of Office
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a) Composition |
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The FRSIC comprise of nine (9) voting members experienced in the
technicalities of financial reporting. The membership includes: |
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Six (6) voting members appointed by MIA council, one of whom is
the President or Vice President of MIA, who will be the
Chairman; |
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Three (3) voting members from professional bodies recognised
under Part II of the First Schedule to the Accountants Act,
1967; and |
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Representatives from 5 regulatory/standard-setting organisations
as observers (non-voting). |
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b) Quorum |
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The quorum for FRSIC meeting is seventy-five percent (75%) of
the total composition of voting members. |
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c) Meetings |
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Seven (7) Committee meetings were held during the financial
year. |
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