The Financial Reporting Foundation (FRF) is established under the Financial Reporting Act 1997. The FRF comprises representation from all relevant parties in the standard setting process, including preparers, users, regulators and the accountancy profession.
The FRF, as a trustee body, has responsibility for the oversight of the MASB's performance, financial and funding arrangements, and as an initial source of views for the MASB on proposed standards and pronouncements. It has no direct responsibility with regard to standard setting. This responsibility rests solely with the MASB.
The functions of the FRF as provided under section 4 (1) of the Act:
Without limiting the generality of functions of the FRF in subsection (1), the FRF shall be responsible:
(a) to provide its views to the MASB on any matter which the MASB seeks to undertake or implement in relation to the MASB’s functions under section 7 of the Act;
(b) to review the performance of the MASB; and
(c) for all financing arrangements for the operations of the MASB, including approving the budget of the MASB.
MEMBERS OF THE FINANCIAL REPORTING FOUNDATION
The Financial Reporting Foundation (FRF) comprises twelve (12) members who are appointed by the Minister of Finance. Eight (8) of the members are ex-officio representing the Minister of Finance, the Central Bank of Malaysia, the Securities Commission, the Audit Oversight Board, the Registrar of Companies, Bursa Malaysia Berhad, the Malaysian Institute of Accountants and the Malaysian Accounting Standards Board. The four (4) other members who possess knowledge and experience in matters of financial accounting and in one or more of the following fields of accountancy, law, business, or finance.
The members are:
Members of the FRF Committees are:
Please click here for the profile of the FRF members.