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The Financial Reporting Standards Implementation Committee of the Malaysian Institute of Accountants (MIA) was established in 2007 with support from the Capital Market Development Fund (CMDF) of the Securities Commission Malaysia.

The main objective of FRSIC is to facilitate the implementation of the Malaysian Accounting Standards Board (MASB) Approved Accounting Standards for Entities other than Private Entities in Malaysia by looking into issues involving accounting standards where there are existing and potential divergent practices.

Through the issuance of implementation guidance, FRSIC Consensus strives to drive consistency in accounting practices in promoting better understanding of financial statements among the users of financial statements.

FRSIC believes that compliance to a set of sound financial reporting standards will instil investors’ confidence, contribute to capital formation and ensure efficient allocation of capital in securing sustainable economic growth.

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