Malaysia legislation
Section 75
Section 75
(2)
A prescribed 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; 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.”.
Amendment of section 76