Objective of FRSIC working group is to discuss
the issue submitted having regard to:
-
statutory and regulatory reporting requirements;
-
practical issues relating to the implementation
of the standard;
-
current studies/projects undertaken relevant to
the issue; and
-
accounting standards and practice in other major
standard setting jurisdiction
2.
Composition of Working Group
Each Working Group (WG) will generally comprise
the following:
(i)
A Project Manager; and
(ii)
Members drawn from accounting firms, commerce
and industry and any other individual who has
specialised knowledge of the issue to be
discussed where deemed necessary.
3.
Responsibilities of Working Group Member
(i)
To actively participate in the discussion by
providing feedback, views and examples on the
issue discussed.
4.
Responsibilities of Project Manager
(i)
To have a preliminary view on the issue
submitted which either agree or disagree with
the proposed consensus submitted;
(ii)
To carry out the necessary research on the issue
to be discussed;
(iii)
To prepare discussion paper which outlines the
preliminary view on the issue including the
rationale for the view as basis of discussion of
the WG;
(iv)
To provide technical support to WG;
(v)
To identify suitable working group members;
(vi)
To prepare proposed consensus for FRSIC's
approval taking into account the input received
from members of WG giving priority to accounting
principles and highlighting implications of the
issue for example the impact of implementation
of certain financial reporting standards on
national interest, if any and also highlighting
dissenting views from members, if any; and
(vii)
To attend FRSIC meeting and present to FRSIC the
proposed consensus when necessary.
5.
Meeting procedures and Documentation
(i)
Members of WG will be invited based on the
issues to be discussed.
(ii)
Discussions of the meeting will be minuted.
However, views presented by the members will not
be regarded as the official view of the
organisation he/she represents.
(iii)
Proposed consensus drafted will include
discussion of the issue without identifying
individual's views, the accounting issues
identified, reference sources and the conclusion
reached.
