Malaysia legislation
Section 74
Section 74
(a)
a revenue account together with supporting statements;
(b)
a profit and loss account and balance sheet together with supporting statements; and
(c)
a certification of the documents mentioned in paragraph (a)
or (b) signed by the chief executive officer and the employee responsible for its financial management.
(2)
(Deleted by Act A1502).
Accounting standards
*75. (1) For the purposes of this section—
“financial statements” has the same meaning as set out in the approved accounting standards issued or approved by the
Malaysian Accounting Standards Board under the Financial Reporting
Act 1997 [Act 558];
“approved accounting standards” has the same meaning as in the
Financial Reporting Act 1997.
(2)
A prescribed institution shall prepare its financial statements in accordance with—
*NOTE—General savings–see subsections 111(2) and (3) of the Development Financial Institutions
(Amendment) Act 2015 [Act A1502] which comes into operation on 31 January 2016.
Development Financial Institutions 93
(a)
the approved accounting standards subject to any standards as may be specified by the Bank; or
(b)
in the absence of any approved accounting standards, any standards as may be specified by the Bank.
(3)
Where the financial statements of a prescribed institution which has obtained the approval under subsection 33B(1) to carry on Islamic financial business are prepared in accordance with paragraph (2)(a), such financial statements are deemed to have been prepared in accordance with the approved accounting standards in so far as the financial statements relate to its Islamic financial business.
Annual accounts and quarterly returns to be rectified