Islamic Financial Services Act 2013 · s 74

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s 74Compliance with approved accounting standards

(1)

An institution shall prepare its financial statements in accordance with—

(a)

the approved accounting standards subject to any standards as may be specified by the Bank under subsection 57(1); or

*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016

[Act 777] which comes into operation on 31 January 2017–see subsection 620(1) of Act 777.

Islamic Financial Services 97

(b)

in the absence of any approved accounting standards, any standards as may be specified by the Bank under subsection 57(1).

(2)

Where the financial statements of an institution are prepared in accordance with paragraph (1)(a), such financial statements are deemed to have been prepared in accordance with the approved accounting standards.