Finance

Requirements for Main Market Listing: Bursa Malaysia

Posted in Blog, Business, Finance

This is a brief introduction to the unified board of both Main Board and Second Board companies under the Main Market. There is a need for Malaysia to enhance its competitiveness and to strengthen its position as a conducive capital raising destination. Addressing this issue, Securities Commission (“SC”) collaborated with Bursa Malaysia (“Bursa”) to review the listings and equity-raising framework. This enhancement entails the merging of the current Main Board and Second Board into a single board of established corporations. Effective 3 August 2009, this merged market of Main and Second...

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An Introduction to XBRL

Posted in Blog, Finance

XBRL stands for eXtensible Business Reporting Language. It is an electronic communication of business and financial data language developed to present financial statement on the Internet. The key advantage of this new “language” is that an identifying tag is applied for each individual item of data instead of treating them as a block of text. Since the financial data is now tagged, it thus can be recognized by the recipient party’s computer. Accountants, auditors, regulators and financial analysts are used for other purposes; and also presents variety of ways in a fraction of a second...

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Islamic Banking – Key Differences of Components within a Financial Statements of an Islamic Bank

Posted in Blog, Finance

After touching briefly on the presentation of financial statements for an Islamic bank in my earlier article, we now move on to a little bit more detail.  Let us look at the key differences in presentation of financial statements between conventional an Islamic banking. Statement of Financial Position (Balance Sheet) In conventional accounting, the balance sheet has these few components, namely assets, liabilities and owners’ equity.  In Islamic banking, there is one additional component called “equity of unrestricted investment account holders”. In conventional banking, an asset is defined...

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Islamic Banking – Presentation of Financial Statements

Posted in Blog, Finance

Since accounting is very much to do with providing information to assist users of financial information to make sound decisions, financial reporting needs to be different in order to serve the different users. Major groups of financial report users for a financial institution are:- Shareholders Account holders and depositors (Clients of the bank) Borrowers and others who transact with the bank Regulatory bodies. Now that Islamic banking uses a different set of accounting principles, mainly due to their different product characteristics and participation levels, it is just natural to expect...

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Are you prepared for Tax Audit?

Posted in Blog, Finance

With the implementation of Self Assessment System (“SAS”) by the Inland Revenue Board (“IRB”), tax audits become one of IRB’s main activities. SAS for companies were implemented in 2001, whereas for individuals and businesses, in 2004. SAS is a system where by taxpayers (both individuals and companies) are required to compute their own taxes and make full payments to the IRB. Further, taxpayers are required to estimate tax payments for current financial year and make installment payments for the estimated amount. What IRB does is to ensure the taxes reported and paid by taxpayers are...

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Malaysia’s Investment Indicators 2009

Posted in Blog, Business, Finance

Malaysia’s Investment Indicators 2009 As you can see above, there are data pertaining: Sales of new commercial vehicles (by unit) Imports of capital and intermediate goods (by RM million) Approved new/re-investments for domestic and foreign sources Historical Base lending rates for 2009 (BLR) Money supply in RM million Risk Weighted Capital (Adequey Ratio by %) NPLs of banking systems (%) for 6 months and 3 months. Amount of newly registered companies for 2009 Amount of recently liquidated companies for...

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