On 30 January 2007, the Malaysian Institute of Accountants launched the Financial Reporting Standards Implementation Committee (FRSIC). Held at Seri Pacific Hotel Kuala Lumpur, the launch was officiated by YBhg. Dato’ Zarinah Anwar, Chairman or the Securities Committion. 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. This is seen as a constructive way of assisting accountants, auditors and preparers of financial statements by way of providing FRS implementation guidance.