MFRSs Application and Implementation Committee (MAIC)

Responsibilities and Scope of Work

1. The MASB has set up the MAIC and has given it two main responsibilities:

To consider application and implementation issues raised by users of the MFRS, decide which ones merit for MASB Board’s consideration to publish guidance based on the criteria set out below, propose a recommendation to the MASB Board on what that guidance should be and develop such guidance for MASB Board’s approval in the form of ‘MFRS Application and Implementation Guide’ (MAIG), Questions & Answers (Q&As) or in any other form appropriate for its intended use, that would be made publicly available to interested parties on a timely basis. 

Nothing in MAIG or MAIC’s Q&A should be construed as amending or overriding the respective MFRS as such guidance, at best, serve as a source of reference for identification of principles to resolve issue at hand which may be persuasive only.

In developing the proposed MAIG, MAIC shall review and undertake detailed study of the application and implementation questions having regard to the pervasiveness of the issue and after considering the 

  • statutory and regulatory reporting requirements;
  • interpretations of MFRS;
  • current studies/projects undertaken by the International Accounting Standards Board (IASB) relating to the topic;
  • accounting standards and practice in other major standard setting jurisdictions;
  • any other relevant matters related to MFRS.

To consider and make recommendations to the MASB Board on the need to bring issue identified to the International Accounting Standards Board (IASB), or to the:

(i) IFRS Interpretations Committee (IFRIC) for implementation issues of existing MFRS that cannot be addressed by MAIC such as ambiguity of wordings or divergent views;
(ii) IASB Transition Resource Group (TRG), if any, for implementation issues of new MFRS that the IASB has set up a specific TRG to deal with the equivalent new IFRS Standards.

In deciding whether to recommend any proposed guidance to address an issue, MAIC shall consider the following criteria:

(a) Is the issue widespread and has, or is expected to have, a material effect on those affected?
(b) Is the issue unique to Malaysia by virtue of the circumstance prevailing in Malaysia, for example as a result of the local laws or prevailing Act?
(c) Would financial reporting be improved through the elimination of the divergence practice, bearing in mind that the accounting would depend on the particular facts and circumstances?
(d) Can the issue be resolved efficiently within the confines of MFRS and the Conceptual Framework for Financial Reporting?
(e) Is the issue sufficiently narrow in scope that MAIC can address the issue in an efficient manner and that, the issue is not being addressed in a forthcoming Standard and to assist in the MFRS application and implementation /or a research project undertaken by the MASB and/ or IASB.

In the event MAIC decides not to recommend any proposed guidance, it shall explain the basis of concluding there isn’t any need to develop a guidance.


MAIC comprises of a maximum thirteen (13) voting members appointed by the MASB Board for a fixed term of one (1) to three (3) years per term, drawn from industry/topic specific specialists. The composition of MAIC consists of: 

(i) Mr. Ken Pushpanathan (Chairman);
(ii) Mr. Andy Lee (Partner, Baker Tilly MH);
(iii) Mr. Cheong Thoong Farn (Partner, Deloitte);
(iv) Mr. Foong Mun Kong (Partner, KPMG);
(v) Mr. Ong Chee Wai (Partner, Ernst & Young);
(vi) Ms. Siew Kar Wai (Partner, PwC);
(vii) Mr. Tan Khoon Yeow (Partner, BDO);
(viii) Mr. Goh Eng Tatt (Group Chief Financial Officer, Hong Leong Manufacturing Group Sdn Bhd);
(ix) Encik Mohd Asrul Sani Arifin (Head Consolidation, Group Financial Controller, Petronas);
(x) Mr. Purushothaman A/L Kumaran (Chief Financial Officer, IJM Plantations Berhad);
(xi) Dato' Soo Chan Fai (Group Financial Controller, EcoWorld Development Group Berhad);
(xii) Ms. Sarah Lim (Head of Equity Research, Kenanga Investment Bank Berhad); and
(xiii) Mr. Simon Tay (Executive Director, Professional Practices & Technical, Malaysian Institute of Accountants).

Observer representative from: 

(i) Securities Commission Malaysia;
(ii) Audit Oversight Board;
(iii) Association of Certified Chartered Accountants (ACCA);
(iv) Certified Practising Accountant (CPA) Australia;
(v) Institute of Chartered Accountants in England and Wales (ICAEW); and
(vi) Malaysian Institute of Certified Public Accountants (MICPA).

To submit an enquiry to MAIC, please click here.