What is PN17? In this article, I will talk about on listed companies that are classified as PN17. PN17 stands for Practice Note 17/2005 and is issued by Bursa Malaysia; relating to companies that are in financial distress. Companies that fall within the definition of PN17 will need to submit their proposal to the Approving…
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To strengthen the position of Bursa Securities as a conducive capital raising destination, the enhanced framework of the MESDAQ Market will be known as ACE Market effective 3 August 2009. Under the enhanced framework of the ACE Market, there will be certain streamlining of regulatory functions such as:- Securities Commission (“SC”) will continue to register…
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…
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….
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…
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…
I have quite a number of clients asking me about LLP, following a recent discussion draft issued by the SSM (Suruhanjaya Syarikat Malaysia). This article is the first of two parts, where I will highlight main characteristics of an LLP. LLP is an alternative form of business entity that combines protection of limited liabilities to…
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…
I have seen many cases whereby a business could not continue their core business or in some cases the business is forced to close down after extensive fire damage to their business premises/factory. Is it the fire that causes an established business to shut down their operation permanently? In most cases, the answer is NO….
In Malaysia, the Companies Commission of Malaysia (CCM) requires that every limited company must at least have a company secretary. A company secretary is a person who maintains the records, books, filings, documents, meetings, company seal and so forth. Hiring a good company secretary It’s often good to hire a licensed & experienced company secretary…
