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 and powers of the FRF as provided under the Act are as follows:
- to provide its views to the MASB on any matter which the MASB seeks to undertake or implement with respect to the development and issue of accounting standards and a conceptual framework;
- to review the performance of the MASB;
- to be responsible for the financing arrangements and operations of the MASB;
- to approve the MASB budget;
- to engage or to employ persons and determine the conditions of such appointments as are necessary to assist the FRF and MASB perform their functions under the Act;
- to administer the fund established to finance the ongoing operations of FRF and MASB including management of funds not expended on operations during any period;
- to maintain proper accounts and prepare an annual statement of accounts of the FRF;
- to appoint an auditor for the purpose of auditing the annual statement of accounts;
- to forward the annual statement of accounts and audit report to the Minister of Finance, and report on the activities of the FRF and MASB at the end of each financial year; and
- to perform such other functions as the Minister of Finance may prescribe.
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, the Securities Commission, the Audit Oversight Board, the Companies Commission of Malaysia, the 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; accountancy, law, business, or finance.
The members are:
- Datuk Ali Tan Sri Abdul Kadir (Chairman)
- Encik Hazim Jamaluddin - Deputy Undersecretary, Financial Market and Actuary Division, Ministry of Finance
- Datuk Nor Shamsiah Mohd Yunus – Deputy Governor, Bank Negara Malaysia
- Datuk Ranjit Ajit Singh – Chairman, Securities Commission
- Encik Nik Mohd Hasyudeen Yusoff - Executive Chairman of the Audit Oversight Board
- Dato' Mohd Naim Daruwish - Chief Executive Officer, Companies Commission of Malaysia
- Dato' Tajuddin Atan - Chief Executive Officer, Bursa Malaysia
- Encik Johan Idris – President, Malaysian Institute of Accountants
- Dato' Mohammad Faiz Azmi - Chairman, Malaysian Accounting Standards Board
- Tan Sri Azman Yahya - Group Chief Executive, Symphony House Berhad
- Dato' Gan Ah Tee - Managing Partner, BDO
- Dato' Azmi Mohd Ali - Senior Partner, Azmi & Associates
Members of the FRF Committees are:
Please click here for the profile of the FRF members.