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SUBMISSION OF
ISSUES FOR FINANCIAL REPORTING STANDARDS
IMPLEMENTATION COMMITTEE (FRSIC)’S CONSIDERATION
Guidelines for submission of Implementation
Issue Request to the FRSIC
Any interested party may put forward suggestions
of potential agenda items of implementation
nature for consideration by the FRSIC.
Submissions must have a brief proposal, which
will be presented to the FRSIC without
identifying the submitter. The proposal should
include at least the following:
The Issue
A description of the issue including, where
relevant, any aspects that should be addressed
separately.
Current practice
A brief description of current or emerging
accounting practices that have potential or
current implementation issues, outlining
specific issues that have caused difficulties in
implementation, referring to the relevant Acts
or accounting pronouncements, and suggesting
possible solutions.
Reasons for the FRSIC to address the issue
The issue should be evaluated using the
following criteria:
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a. |
Is the issue widespread and practical? |
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b. |
Does the issue involve significantly divergent practices
(either emerging or already existing in practice)? |
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c. |
Would financial reporting be improved through the
elimination of the diversity |
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d. |
Is the issue a narrow implementation or application
issue that can be resolved using existing FRS, or
prevailing Acts? |
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e. |
If the issue is related to a current or planned MASB
project, is there a pressing need for guidance sooner
than would be expected from the MASB project? (The FRSIC
will not add an item to its agenda if an MASB project is
expected to resolve the issue in a shorter period than
the FRSIC requires to complete its due process.) |
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f. |
Is there an apparent breach of the Companies Act and
relevant legislation? |
Proposed consensus
A brief description of the proposed solution to
the problem together with supporting precedent
or facts.
“Completed submission of issues form should be
emailed to
frsic@mia.org.my
or faxed to 02-22731016 (attention: Ms Yeoh Suan
Choo)” |
