Malaysia legislation
Section 164
Section 164
Where it is not reasonably practicable to determine the Financial Accounting Net Income or Loss for a Constituent
Entity based on the accounting standard used in the preparation of Consolidated Financial Statements of the Ultimate Parent
Entity, the Financial Accounting Net Income or Loss for the Constituent Entity for the Financial Year may be determined using another Acceptable Financial Accounting Standard or an Authorised Financial Accounting Standard if—
(a)
the financial accounts of the Constituent Entity are maintained based on that accounting standard;
(b)
the information contained in the financial accounts is reliable; and
(c)
permanent differences in excess of one million euro that arise from the application of a particular principle or standard to items of income or expense or transactions that differs from the financial standard used in the preparation of the Consolidated Financial Statements of the Ultimate Parent Entity are conformed to the treatment required under the accounting standard used in the Consolidated Financial Statements of the Ultimate Parent Entity.
Act 851
Adjustments to determine GloBE Income or Loss