The Malaysian Institute of Accountants with support from the Capital Market Development Fund ("CMDF") has launched FRSIC on 30 January 2007.

The main objective of the committee is to facilitate the implementation of Financial Reporting Standards ("FRS") in Malaysia whilst looking into issues involving accounting standards or provisions of companies' legislation, where unsatisfactory or conflicting interpretations have developed or seem likely to develop.

Through the issuance of implementation guidance consistent with the highest quality of financial reporting standards, FRSIC strives to assist investors to understand the financial position of their investment companies.

FRSIC believes that compliance to a set of sound financial reporting standards will instill investors confidence, contribute to capital formation and ensure efficient allocation of capital in securing long-term economic growth.