FINANCIAL
REPORTING
FOUNDATION





The Financial Reporting Foundation (FRF) was established as an independent body under the Financial Reporting Act 1997 (Act). The FRF and the Malaysian Accounting Standards Board (MASB) are part of the financial reporting framework in Malaysia.  The framework comprises representation from all relevant parties in the standard setting process, including preparers, users, regulators and the accountancy profession.

The FRF is largely responsible for the establishment of a sound and effective infrastructure for the financial reporting framework and acts as a sounding board for the adoption of the MASB's accounting standards, technical pronouncements and its annual work programme. 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 of the FRF as provided under section 4 (1) of the Act:

(a) to oversee the carrying out of the functions of the MASB; and

(b) to perform any other function as the Minister may prescribe by order published in the Gazette.

Without limiting the generality of functions of the FRF in subsection (1), the FRF shall be responsible:

(a) to provide its views to the MASB on any matter which the MASB seeks to undertake or  implement in relation to the MASB’s functions under section 7 of the Act;

(b) to review the performance of the MASB; and

(c) for all financing arrangements for the operations of the MASB, including approving the budget of the  MASB.

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 of Malaysia, the Securities Commission Malaysia, the Audit Oversight Board, the Registrar of Companies, 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 of accountancy, law, business, or finance.

The members are:

Members of the FRF Committees are:

Executive Committee

  • Dato’ Zainal Abidin Putih
  • Puan Noor Zuraini binti Aziz
  • Datuk Syed Zaid Albar
  • Datuk Muhamad Umar Swift
  • Datuk Mohd Nasir Ahmad

Audit Committee

  • Dr. Veerinderjeet Singh
  • Dato' Anantham Kasinather
  • Encik Sridharan Nair
  • Encik Jalalullail Othman

Nomination Committee

  • Datuk Syed Zaid Albar
  • Encik Aznan bin Abdul Aziz
  • Dato’ Zainal Abidin Putih
  • Datuk Mohd Nasir Ahmad
Procurement Committee
  • Puan Noor Zuraini binti Aziz
  • Datuk Syed Zaid Albar
  • Datuk Muhamad Umar Swift
  • Encik Aznan bin Abdul Aziz

Quotation Committee

  • Datuk Mohd Nasir Ahmad
  • Puan Noor Zuraini binti Aziz
  • Encik Jalalullail Othman
  • Puan Anne Rodrigues