introduction of the financial reporting standards implementation committee (frsic)
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ROADSHOWROADSHOWROADSHOWROADSHOWImplementation Guidance on FRSImplementation Guidance on FRSImplementation Guidance on FRSImplementation Guidance on FRS
Module 1Module 1
CompleteComplete
ReliablReliablee
TimelyTimely
Efficient marketEfficient market
Proper financial reportingProper financial reporting
2FRSIC Roadshow Module 1 24 March 2009
11
22
Foster Foster investors’ investors’ confidenceconfidence
33
FRSIC Roadshow Module 1 24 March 2009 3
MIA with support from the MIA with support from the Capital Market Capital Market Development Fund (CMDF)Development Fund (CMDF)formed FRSIC in January 2007formed FRSIC in January 2007
FRSIC Roadshow Module 1 24 March 2009 4
FRSIC provides professional counsel on FRSIC provides professional counsel on matters concerning Financial Reporting matters concerning Financial Reporting Standards by way of issuing Standards by way of issuing
implementation guidanceimplementation guidance
FRSIC Roadshow Module 1 24 March 2009 5
30 issues since 30 issues since 2007 . . .2007 . . .
11 consensus reached11 consensus reached
4 discontinued4 discontinued
7 rejected7 rejected
8 on-going projects8 on-going projects
8 consensus will be 8 consensus will be discussed todaydiscussed today
FRSIC Roadshow Module 1 24 March 2009 6
Today’s consensusToday’s consensus Determination of substantively enacted tax rate Determination of substantively enacted tax rate
for year of assessment 2008 and thereafter.for year of assessment 2008 and thereafter.
Applicable accounting standards for MSC Status Applicable accounting standards for MSC Status Company.Company.
Is fixed deposit held on lien for bank guarantee Is fixed deposit held on lien for bank guarantee facilities a cash and cash equivalent?facilities a cash and cash equivalent?
Accounting treatment for impairment of goodwill in Accounting treatment for impairment of goodwill in situation where court approval has been obtained to situation where court approval has been obtained to write it off against reserve.write it off against reserve.
11 22
FRSIC Roadshow Module 1 24 March 2009 7
Today’s consensusToday’s consensus Split of the minimum lease payments between Split of the minimum lease payments between
the land and the building elements.the land and the building elements.
Accounting for premium paid for transfer of listing Accounting for premium paid for transfer of listing status in a reverse takeover scenario.status in a reverse takeover scenario.
Accounting treatment for granting of ESOS by Accounting treatment for granting of ESOS by parent company to subsidiary’s employees and parent company to subsidiary’s employees and subsequent recharge by the parent.subsequent recharge by the parent.
Revenue recognition for shipping freight services Revenue recognition for shipping freight services companies.companies.
11 22
FRSIC Roadshow Module 1 24 March 2009 8
Convergence with Convergence with IFRS : MalaysiaIFRS : Malaysia
Full compliance with IFRS by Full compliance with IFRS by 1 January 2012.1 January 2012.
Enhance comparabilityEnhance comparability of financial of financial statements between Malaysian companies and statements between Malaysian companies and companies worldwide.companies worldwide.
Globalisation wave - more than 100 countries are Globalisation wave - more than 100 countries are converging or have converged to IFRS.converging or have converged to IFRS.
FRSIC Roadshow Module 1 24 March 2009 9
Committee MembersCommittee MembersChairmaChairmann En. Nik Mohd Hasyudeen YusoffEn. Nik Mohd Hasyudeen Yusoff
MembersMembersDato’ Nordin BaharuddinDato’ Nordin Baharuddin
En. Mohammad Faiz AzmiEn. Mohammad Faiz Azmi
Mr. Stephen OongMr. Stephen Oong
Ms. Jennifer Lopez Ms. Jennifer Lopez (ACCA)(ACCA)
Mr. Alex Ooi Mr. Alex Ooi (CPA Australia)(CPA Australia)
Mr. Ng Kim Tuck Mr. Ng Kim Tuck (MICPA)(MICPA)
MIA Council MIA Council MembersMembers
FRSIC Roadshow Module 1 24 March 2009 10
ObserversObserversBank Negara MalaysiaBank Negara Malaysia
Bursa Malaysia BerhadBursa Malaysia Berhad
Malaysian Accounting Standards BoardMalaysian Accounting Standards Board
Securities CommissionSecurities Commission
Suruhanjaya Syarikat Suruhanjaya Syarikat
MalaysiaMalaysia
FRSIC Roadshow Module 1 24 March 2009 11
FRSIC ProcessFRSIC Process
Submit Submit issueissue
FRSIC FRSIC acceptanceacceptance
ResearchResearch
Working Working Group Group
discussiondiscussion
Issue Issue draft draft
consensusconsensus
FRSIC FRSIC deliberation & deliberation &
recommendatiorecommendationn
MIA MIA Council Council
approvalapproval
(Practitioners, (Practitioners, regulators & regulators & industry players)industry players)
FRSIC Roadshow Module 1 24 March 2009 12
frsic.mia.org.mfrsic.mia.org.myy
frsic@mia.org.myfrsic@mia.org.my
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