MIA is the only accountancy body empowered by law to regulate the accountancy

profession in Malaysia, thus making MIA membership mandatory for those holding
themselves out or practising as an accountant in the country. MIA’s membership
encompasses both legal and market recognition for accountants in Malaysia.

Members of MIA are conferred with the designation Chartered Accountant Malaysia,
abbreviated as ‘C.A.(M)’. This designation is given to a professional in accountancy,
business and finance with recognised accountancy qualification and relevant work
experience. At present, there are more than 35,500 MIA members working in all
industries and states of Malaysia.

As an umbrella body for all the accountants in Malaysia, MIA’s responsibilities include
education and quality assurance as well as enforcement, to maintain the credibility of the
profession and the public interest.[1] MIA is a member of the International Federation of
Accountants (IFAC)[2] and the ASEAN Federation of Accountants (AFA).[3

MICPA is a professional body for accountants formed under the Companies Ordinance
1940/1946. It participates in the setting of international accounting and auditing
standards, provides technical advice to regulatory bodies, and confers the Certified Public
Accountant designation. In addition, as authorized under its By-Laws, MICPA has
established both ethical requirements and an I&D system for its members. Membership in
the institute is voluntary.

There is a close working relationship between MICPA and the Malaysian Institute of
Accountants. In addition to being a Member of IFAC, MICPA is an Associate member of
the ASEAN Federation of Accountants.
The Malaysian Accounting Standards Board (MASB) was established under the Financial
Reporting Act 1997 (Act) as the standard-setting body of FRF whose functions shall be
the determination and issuance of accounting standards for the preparation of financial
statements, which are required to be prepared or lodged under any law administered by
the Securities Commission Malaysia, Bank Negara Malaysia or the Registrar of
Companies.

The MASB, together with the Financial Reporting Foundation (FRF), make up the
frameworks for financial reporting in Malaysia. This framework comprises an
independent standard-setting structure with representation from all relevant parties in the
standard-setting process, including preparers, users, regulators and the accountancy
profession.

The Financial Reporting Foundation

(FRF) was established as an independent body under the Financial Reporting Act 1997
(Act). The FRF and the Malaysian Accounting Standards Board (MASB) are part of the
financial reporting framework in Malaysia.  The framework comprises representation
from all relevant parties in the standard setting process, including preparers, users,
regulators and the accountancy profession.

The FRF is largely responsible for the establishment of a sound and effective
infrastructure for the financial reporting framework and acts as a sounding board for the
adoption of the MASB's accounting standards, technical pronouncements and its annual
work programme. The FRF, as a trustee body, has responsibility for the oversight of the
MASB's performance, financial and funding arrangements, and as an initial source of
views for the MASB on proposed standards and pronouncements. It has no direct
responsibility with regard to standard setting. This responsibility rests solely with the
MASB.