Accounting in Malaysia
- 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).
- 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.
- 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)
Any Comments About This Content? Report It to Us.
The Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (“AMLATFA”) is Malaysia’s primary legislative framework which recently has been subjected to major overhaul and amendments.
Azmi & Associates on 7 Nov 2014 related to Accounting in Malaysia