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Circulars

 

TITLE: Dissolution of the Financial Reporting Standards Implementation Committee

DATE: 08/03/2019

8 March 2019
Circular No. 26/2019

TO ALL ACCOUNTANTS

DISSOLUTION OF THE FINANCIAL REPORTING STANDARDS IMPLEMENTATION COMMITTEE

The Institute would like to inform members on the dissolution of the function and activities of the Financial Reporting Standards Implementation Committee (“FRSIC”) following the establishment of the MFRS Application and Implementation Committee (“MAIC”), a committee under the purview of the Malaysian Accounting Standards Board (“MASB”).

The 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.

All FRSIC Consensuses and accounting-related FAQs issued by MIA will still be applicable until MASB issues another technical pronouncement dealing with similar issues or when MIA withdraws such documents and inform MASB. All ongoing FRSIC issues as well as issues submitted previously to FRSIC, including those of MFRS 9 and MFRS 17, will be transferred to MASB.

Please be guided accordingly.

DR. NURMAZILAH DATO' MAHZAN
Chief Executive Officer