Objective
The objective of the FRSIC Industry Specific
working group is to support and facilitate the
convergence of the International Financial
Reporting Standards, particularly by aiding the
advocacy and participation from the industry to
give consideration to practical accounting
implementation issues pertaining to the
industry, study its impact on financial
reporting and; to enhance quality and uniformity
in accounting practices.
2.
Membership
Each working group (WG) will generally comprise
the following:
(a)
A Project Champion
(b)
Accounting practitioners
(c)
Senior personnel from the commerce and industry
(d)
Association or organisation specific to the
industry
(e)
Industry subject matter experts
(f)
Government agencies, where applicable
(g)
Regulators, where applicable
(h)
Academia, where applicable
3.
Responsibilities of WG
(a)
Contribute industry knowledge and information
related to the subject matter
(b)
Conduct detail jurisdictional studies pertinent
to the industry practices
(c)
Engage in discussion with stakeholders relevant
to the industry
(d)
Participate in reach-out activities with
stakeholders relevant to the industry
(e)
Review guidance and literatures developed by the
WG members
4.
Responsibilities of Project Champion
(a)
To develop and advise on the strategic direction
of the WG's endeavors pursuant to the prescribed
objective of the WG
(b)
To spearhead, lead and monitor projects
undertaken by the WG
(c)
To identify suitable WG members
(d)
To attend FRSIC meeting when necessary
5.
Meeting Procedures
Each WG meeting requires the presence, in person
or by simultaneous telecommunications link, of
at least two-thirds of the appointed members of
the WG. Each member will be allowed one vote. A
member has the right to appoint a proxy in
writing. The affirmative vote of a least
two-thirds of members present at a meeting in
person or simultaneous telecommunications link
or by proxy is required to approve all actions
or submissions of the WG.
6.
Publication
The FRSIC Industry Specific WG may issue
publications in the following ways:
(a)
Information Paper; which provide a detailed
investigation into a particular subject of
relevance to industry
(b)
Consultation Paper; which promote discussion or
debate on accounting issues affecting industry
and seek comments from interested parties on the
issues raised in the paper
7.
Others
The FRSIC will review the effectiveness of the
FRSIC Industry Specific Working Group processes
from time to time.
