New Team At Helm of FRF/MASB (2 September 2009)

Datuk Ali Abdul Kadir

New Chairman of FRF

Kuala Lumpur, 2 September 2009 - A new team takes over at the Financial Reporting Foundation and the Malaysian Accounting Standards Board. Datuk Ali Abdul Kadir has been appointed by the Minister of Finance to replace Dato' Johan Raslan, as Chairman of the FRF with effect from 1 July 2009. Dato' Johan's term as Chairman ended on 30 June 2009.

Datuk Ali is an accomplished accountant who has held prestigious positions such as Chairman of Ernst & Young, Chairman of the Securities Commission, and CEO/ Head for Asia for Dubai Investment Group. Datuk Ali Abdul Kadir was also actively involved in international regulatory circles. He was a member of the Executive Committee of the International Organisation of Securities Commission (IOSCO), Chairman of IOSCO's Asia-Pacific Regional Committee and chaired the Islamic Capital Market Task Force. He was also a member of the Financial Reporting Foundation from March 1999 to February 2004.

Dato' Johan Raslan former Chairman FRF

On assuming the role, Datuk Ali said, "I have continued to follow the progress of the FRF and the MASB and I must say that they have worked very hard to successfully continue the development of financial reporting in Malaysia, and bringing itself to the international forefront through their active participation in international events. My task will be to nurture this further, to develop financial reporting in Malaysia to be amongst the best in the world!"

With this new appointment there is a new team at the helm of FRF/MASB: Datuk Ali Abdul Kadir as Chairman of FRF, Mohammad Faiz Azmi as chairman of MASB, Dr Susela Devi as Executive Director and Ms Tan Bee Leng as Technical Director. 

Dato' Johan said that he "was satisfied with the progress made during his two-term tenure. The FRF and MASB have embarked on an enhanced role in international accounting standard-setting. Key focus areas involve proactive engagement with IASB, timely input to IASB's standard setting agenda and engaging with stakeholders at home and abroad.

A particular area of focus will be Islamic finance. FRF and MASB are poised to play their part in establishing Malaysia as a global Islamic finance powerhouse by taking a leading role in the development of a global approach to accounting for Islamic transactions within the IFRS framework.

I am confident that Datuk Ali Abdul Kadir with his extensive experience in financial reporting and involvement in the international arena would continue to build the FRF and MASB to a greater height and be recognised as an international player whilst Faiz will build on the strengths of MASB to be a recognised standard setter in the region.

About the Financial Reporting Foundation and 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 of 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 Suruhanjaya Syarikat Malaysia.

For media enquiries, please contact:

Dr. Susela Devi
Executive Director
Malaysian Accounting Standards Board
Tel: 2240 9200
Fax: 2240 9300
E-mail: susela@masb.org.my