Interpretations Committee (IC)

The Interpretations Committee assists the MASB in ensuring and promoting high quality accounting practices in the country. Recommendations and decisions of the Interpretations Committee are submitted to the Board who will decide on the appropriate course of action. The Interpretations Committee is chaired by the MASB Chairman and is responsible to:

(a) review and undertake detailed study of the matters under the IFRS Interpretations Committee having regard to:

• statutory and regulatory reporting requirements;
• interpretations of IFRS® Accounting Standards;
• current studies/projects undertaken by the International Accounting Standards Board (IASB) relating to the topic;
• accounting standards and practice in other major standard setting jurisdictions.

(b) review comments received on the draft pronouncement issued by the IASB or the IFRS Interpretations Committee and prepare a summary of the comments for review by the MASB.

(c) submit its recommendation on the adoption or otherwise of the narrow scope amendment and IFRIC® Interpretation.

Matters under the IFRS Interpretations Committee include:

(i) IFRIC Interpretation.

(ii) proposed amendments to standards through the IASB Annual Improvements process.

(iii) proposals to the IASB for targeted, narrow-scope amendments that are beyond the scope of the Annual Improvements process.

(iv) proposals for additional illustrative examples.

(v) explanations via rejection notices (known as tentative agenda decisions).

The Committee comprises representatives from the accounting profession, commerce, the academia as well as an analyst and a solicitor. The members of the Interpretations Committee are appointed by the Board.

The members are:

• Mr Thong Foo Vung (Partner, KPMG)
• Ms Siew Kar Wai (Partner, PwC)
• Mr Edwin Tan Aik Win (Partner, Deloitte)
• Mr Teoh Soo Hock (Partner, Ernst & Young)
• Ms Silvia Tan (Partner, Grant Thornton Malaysia)
• Encik Jalalullail Othman (Partner, Shook Lin & Bok)
• Mr Tan Boon Siong (Chief Financial Officer, Hap Seng Consolidated Berhad)
• Puan Farnida Ngah (Group Chief Financial Officer, UMW Holdings Berhad)
• Encik Mustamir Mohamad (Group Chief Financial Officer, Sime Darby Berhad)
• Encik Mohammad Farish Mohd Noor (Chief Financial Officer, Malaysian Rating Corporation Berhad)
• Assoc. Prof. Dr Zarina Zakaria (Head, Department of Accounting, University Malaya)
• Encik Wan Ahmad Ikram Wan Ahmad Lotfi (The Malaysian Institute of Certified Public Accountants)

Observer representatives from:

• Malaysian Institute of Accountants
• Securities Commission Malaysia
• Bank Negara Malaysia
• Suruhanjaya Syarikat Malaysia
• Bursa Malaysia Berhad