Accounting in Malaysia

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Accounting System

Accounting Standards
Public companies listed on the Stock Exchange have adopted FSR standards (Financial Reporting Standards), and the others the PERS standards (Private Entity Reporting Standards).
Accounting Regulation Bodies
Malaysian Accounting Standards Board
Accountant General's Department of Malaysia
Accounting Law
Financial Reporting Act of 1997 (amended in 2004), Companies Act of 1965.
Difference Between National and International Standards (IAS/IFRS)
Considerable progress has been made in harmonizing Malaysian standards with international standards, in accordance with Malaysia's obligations which ensue from the OTC agreement with the WTO. By 1 January 2012 all entities will be requiered to fully comply/converge with IFRS (except for private entities).
Accounting News
Accountants Today website from the Malaysian Institute of Accountant

Accounting Practices

Tax Year
The tax year begins on January 1 and ends on December 31 of the same year.
Accounting Reports
Financial statements must include notes and policies, and they are composed of four declarations which appear in the annual report: a declaration of income, a balance sheet, cash flows, the movement of stocks.
Publication Requirements
According to the law all companies have to publish the following recordings : shareholders' details, details concerning the members of the board of directors, details concerning the expense account and the debt accounts of the company.
Public companies have also to publish their statutory accounts to the shareholders during the annual meeting.

Accountancy Profession

Accountants must be members of the " Malaysian Institute of Accountants" and registered as "Public" or "Licensed Accountant".
Professional Accountancy Bodies
Malaysian Institute of Accountants
MICPA, Malaysian Institute of Certified Public Accountants
Member of the International Federation of Accountants (IFAC)
Member of Other Federation of Accountants
Member of the ASEAN Federation of Accountants and the Confederation of Asian and Pacific Accountants.
Audit Bodies
Independent accountants must analyze the financial statements of public companies. For additional information.

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