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MASB announces appointment of Mohamed Raslan Abdul Rahman as new Chairman (29 April 2015)

Kuala Lumpur, 29 April 2015 – Mohamed Raslan Abdul Rahman, former Managing Partner of KPMG Malaysia, has been appointed as Chairman of the Malaysian Accounting Standards Board (MASB), effective 1 May 2015. Raslan takes over from Dato’ Mohammad Faiz Azmi, whose term will be expiring on 30 April 2015. The appointment, which is for a three-year term was made by the Minister of Finance in accordance with the provisions of the Financial Reporting Act 1997.

Commenting on his appointment, Raslan said, "I am indeed honoured by this appointment by the Second Finance Minister, YB Dato’ Seri Ahmad Husni Mohamad Hanadzlah. I look forward to working closely with other Board members, particularly in building on the good work of my predecessor, Dato' Mohammad Faiz Azmi. MASB has made significant progress and contribution to the advancement of financial reporting standards, both locally and internationally. An immediate priority is in ensuring the smooth implementation of the new framework for the private entities, Malaysian Private Entities Reporting Standard (MPERS) by 1 January 2016 and also to bring the final batch of Transitioning Entities to cross the line to the MFRS Framework by 1 January 2017."

In welcoming his successor, Dato' Faiz said, “I am very pleased that Raslan has been appointed as the new MASB chairman. He will bring on board a wealth of experience and expertise from his professional life. Apart from the implementation of MPERS, in the next few years two new standards, i.e. IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments will come into force. These two are by no means easy Standards to implement, and therefore it is crucial for our constituents that they understand and apply them successfully. I believe Raslan will steer MASB to manage the adoption of both the new framework for private entities and all the upcoming major new IFRSs." Dato’ Faiz added, “My successor will inherit a great team to help him propel MASB forward. So my final act before I leave the MASB is to wish them all well in the future and to welcome in the new Chairman of the MASB”.

Raslan, a graduate of University of Melbourne with a Bachelor of Commerce, is a Fellow Member of the Institute of Chartered Accountants in Australia, former Vice President and Council Member of the Malaysian Institute of Certified Public Accountants (MICPA), former Council Member of the Malaysian Institute of Accountants (MIA) and has chaired its disciplinary and investigation committees, and Associate Member, Malaysian Institute of Cooperative & Management Accountants (ICMA). Raslan was also an EXCO member and Treasurer of TI-Malaysia. He is a partner of KPMG since 1994 carrying out audit and advisory work.

About the Malaysian Accounting Standards Board

The Financial Reporting Act 1997 established the Financial Reporting Foundation (FRF) and the Malaysian Accounting Standards Board (MASB). With this new financial reporting framework, the role of standard setting is entrusted to a statutory body independent of the accounting profession, the MASB.

The MASB has the sole responsibility to issue approved accounting standards for application in Malaysia.

The FRF, on the other hand, oversees the operations and performance of the MASB including the financial performance. The FRF also acts as a sounding board for the MASB, that is, the FRF would be the first to review MASB’s technical pronouncements before it goes out to the public.

The MASB comprises eight board members, all appointed by the Minister of Finance. There are also three advisors to the Board, namely from the Securities Commission, Bank Negara Malaysia and Registrar of Companies.