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Technical Activities

The MICPA has played an instrumental role in the research and development of accounting and auditing standards in Malaysia.

Its scope of commitment in developing technical standards include:

• Reviewing and setting guidelines on the applications of International Accounting Standards (IAS) and International Standards on Auditing (ISA) in Malaysia;
• Development of Malaysian Accounting and Auditing Standards for application where specific standards are necessary in order to comply with local business conditions and statutory requirements;
• Working jointly with relevant Government authorities in developing accounting and reporting standards for specialised industries such as banking and financial services and insurance;
• Working in consultation with various regulatory authorities in reviewing existing regulations and legislations, and in the development of new ones;
• Providing Government with technical assistance in whatever areas that might require the application and review of technical standards.

The upshot of all these efforts are clearly evident. Today the MICPA has earned to its credit:

• The issuance of no less than 80 accounting and auditing standards and guidelines;
• Full recognition for these standards - not only by the business community, both local and international, but also the regulatory authorities and most significantly the Government;
• A high stature in international circles and forums. The MICPA is more often than not acknowledged as the authoritative corporate "representative" of the accountancy profession of Malaysia.
• Maintenance of high standards in financial reporting in the country which, by all measurements, are ranked as one of the top in the Asia-Pacific region.