Malaysia legislation
Section 7
Section 7
The principal Act is amended by substituting for section 26D the following section:
“Compliance with approved accounting standards 26D. (1) Where financial statesments are required to be prepared or lodged under any law administered by the
Securities Commission, the Central Bank or the Registrar of
Companies, such financial statements shall be deemed not to have complied with the requirements of such law unless they have been prepared and kept in accordance with the approved accounting standards subject to any specification, guidelines or regulations as may be issued by the Securities
Commission or the Central Bank in respect of such financial statements pursuant to any laws administered by the Securities
Commission or the Central Bank.
(2)
Subsection (1) shall be applied by the following authorities:
(a)
the Securities Commission in respect of a corporation listed on the stock exchange or any entity supervised by the Securities Commission under the securities laws;
(b)
the Central Bank in respect of any entity supervised by the Central Bank; or
(c)
the Registrar of Companies in respect of all other entities which do not come under paragraph (a)
or (b).”.
New section 30