MIA LAUNCHES GUIDELINES FOR FINANCIAL REPORTING AMID DOWNTURN

KUALA LUMPUR, Feb 5 (Bernama) -- The Malaysian Institute of Accountants
(MIA) has launched a set of guidance titled "Facing the Global Financial Crisis"
to assist relevant parties in the financial reporting process.

This will assist preparers, members of the board, audit committees as well
as the auditors in carrying out their respective roles in the process, MIA
president Nik Mohd Hasyudeen Yusoff said.

"Due to the impact of the global financial meltdown, stakeholders involved
in the financial reporting chain would certainly come across challenges which we
have aspired to address with this guidance," he said in a statement here
Thursday.

Among others, the MIA initiative will look at certain financial reporting
areas that require closer scrutiny such as funding facilities and liquidity
risk, adequacy for impairment of assets, appropriateness of revenue recognition,
as well as the measurement and disclosure of fair value.

Careful consideration should also be given when fraud indicators are
detected, it said.

Nik Mohd said that the guidance was timely as most companies will be busy
preparing their financial reports for the year 2008. An early assessment of the
change in business risk on financial reports is crucial, he added.

The guidance documents can be downloaded from MIA's website
www.mia.org.my/frguide.

MIA will be also hosting a forum titled 'Financial Reporting during
Financial Turbulence' next Tuesday.
-- BERNAMA