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Mohammad Faiz Azmi is new MASB Chairman (26 May 2009)

Faiz Azmi
Financial Services Leader
PricewaterhouseCoopers

Kuala Lumpur, 26 May 2009 - Mohammad Faiz Azmi, Partner of PricewaterhouseCoopers Malaysia, has been appointed as Chairman of the Malaysian Accounting Standards Board (MASB). Mohammad Faiz Azmi takes over from Dato' Zainal Abidin Putih, whose term expired on 30 April 2009.

The appointment, which is for a three-year term until 30 April 2012, was made by the Minister of Finance in accordance with the provisions of the Financial Reporting Act 1997.

Commenting on his appointment, Faiz said, "I am indeed honoured by this appointment by the Minister of Finance. I look forward to working closely with other Board members, particularly in building on the good work of my predecessor, Dato' Zainal Abidin Putih. MASB has made significant progress and contribution to the advancement of financial reporting standards in the country. An immediate priority is in ensuring the smooth implementation of Malaysia's scheduled convergence with International Financial Reporting Standards (IFRS) by 2012 which will help our companies gain better recognition by the international investing community."

Dato' Zainal Abidin Putih
former Chairman

Dato' Zainal said, "I am very pleased that Faiz has been appointed as the new MASB chairman. I have known him personally for many years and I think he is a very capable person to take up the appointment. In the next few years, two very fundamental goals, namely the adoption of FRS 139 on 1 January 2010 and the convergence with IFRS in 2012 will be effected. I believe Faiz will steer MASB very successfully towards achieving these."

Faiz is a member of the Malaysian Institute of Accountants and a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW). He holds an honours degree in Law from Durham University, UK and was called to the English Bar. Faiz is the joint Assurance leader of PwC Malaysia and the PwC global leader of Islamic Finance.

 

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 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