Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part VII · Auditor and Accounts
74. Quarterly returns
Feedback & supportA prescribed institution shall submit to the Bank in respect of its operations for each quarter of a calendar year two copies each of the following in such form, and within such time, as the Bank may specify:
prescribed institution
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);
a revenue account together with supporting statements;
a profit and loss account and balance sheet together with supporting statements; and
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.
(Deleted by Act A1502).
Accounting standards
standards
“standards” includes any obligation or requirement as specified by the Bank under this Act and such standards may contain any interpretative, incidental, supplemental, consequential and transitional provisions; *NOTE—The Companies Act 1965 has been repealed by the Companies Act 2016 which comes into operation on 31 January 2017–see subsection 620(1)…
*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.
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
development
“development” includes the commencement of any new industrial, agricultural, commercial or other economic venture or the expansion or improvement of any such existing venture;
(Amendment) Act 2015 [Act A1502] which comes into operation on 31 January 2016.
Development Financial Institutions 93
the approved accounting standards subject to any standards as may be specified by the Bank; or
in the absence of any approved accounting standards, any standards as may be specified by the Bank.
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.
Islamic financial business
“Islamic financial business” means the business or activity in accordance with Shariah which a prescribed institution is approved to carry on under paragraph 33B(1)(a) or (b), which may include— (a) accepting Islamic deposits on current account, deposit account, savings account or other similar accounts, with or without the business of paying or collecting cheques drawn by or paid in by customers; and (b) accepting money under an investment account.