Participants at the Annual Forum with Finance Leaders of Financial Institutions in Kuala Lumpur

The Financial Reporting Standards Implementation Committee (FRSIC) of the Malaysian Institute of Accountants (MIA) recently organised its inaugural Annual Forum with Finance Leaders of Financial Institutions in Kuala Lumpur.

The forum was held to increase awareness about the FRSIC Consensuses that were issued earlier relating to financial services industry. The forum also discussed the accounting implementation issues related to financial services industry such as revenue recognition on bancassurance arrangement and accounting for restricted investment account, amongst others. The forum also discussed the findings on certain issues related to the presentation and disclosure of Islamic finance transactions by Islamic financial institutions in Malaysia as well as CFO competencies framework.

The forum was attended by more than 30 finance leaders from the financial institutions in Malaysia.