Let $k$ be a field, $A$ a regular local $k$-algebra such that $A / \mathfrak{m} = k$ and that is a localization of a finitely generated $k$-algebra of dimension $d$, and $f_1, \dots, f_d$ be a system of parameters.
Then I know that $\phi : k[T_1, \dots, T_d]_\mathfrak{n} \to A ,\ T_i \mapsto f_i$ induces an isomorphism $k[[T_1, \dots, T_d]] \simeq \hat{A}$ (where $\mathfrak{n}$ is the maximal ideal $(T_1, \dots, T_d)$ of $k[T_1, \dots, T_d]$).
I don't understand why $\phi$ is not isomorphism.
I know that $\phi$ is in general not injective: a polynomial in $f_i$'s may be $0$. So is there an example of a ring $A$ such that $\phi$ is not injective (or not surjective)?
One reason that you should believe this $\phi$ isn't always an isomorphism is that if it were, every integral smooth variety of the same dimension would be birational - if $\phi$ is an isomorphism, this says that the fraction fields of all these varieties are isomorphic to $k(T_1,\cdots,T_d)$, which would imply that they are all birational. But this is really badly not true already in dimension one: two smooth curves of different genus can't be birational.
Consider $R=(k[x,y]/(y^2=x^3-x))_{(x,y)}$, which is the local ring at the origin of the elliptic curve with affine model $k[x,y]/(y^2=x^3-x)$. This is a counterexample (you can see the other answer for a reasonable proof - I originally had something wrong here and I'm thinking about the best way to correct it at present).