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Accounting and FRSIC The Accounting division provides guidance on the application of approved accounting standards, reviews and comments on Statements of Principles and Exposure Drafts of any relevant proposed accounting standards. The Financial Reporting Standards Implementation Committee (FRSIC) is a committee formed by this division in January 2007. Its main function is to provide assistance to MIA members, both preparers and auditors, on matters of common interest relating to accounting standards by way of providing implementation guidance.
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