Short title and commencement
(1) This Act may be cited as the Financial Reporting Act 1997. (2) This Act shall come into force on such date as the Minister may, by notification in the Gazette appoint, and the Minister may appoint different dates for the coming into force of different provisions of this Act.
Interpretation
In this Act, unless the context otherwise requires— “acceptable internationally recognised accounting standards” means accounting standards issued by other accounting standards issuing bodies granted recognition by the Board under section 26 A; “accounting standards” means statements of standard accounting practices used for the preparation of financial statements; “approved accounting standards” means— (a) new accounting standards issued by the Board under paragraph 7(1)(a); (b) existing accounting standards adopted by the Board under paragraph 7(1)(b); and (c) in relation to foreign companies listed on a stock exchange in Malaysia, acceptable internationally recognised accounting standards; “Board” means the Malaysian Accounting Standards Board established under section 7; “Central Bank” means the Central Bank of Malaysia established under the Central Bank of Malaysia Act 1958 [Act 519]; “foreign company” has the same meaning as in the Companies Act 1965; “Foundation” means the Financial Reporting Foundation established under section 3; “Fund” means the Fund established under subsection 19(1); “issues bulletin” means a statement issued or approved by the Board under subsection 7(1) concerning the interpretation, application or implementation of any approved accounting standards or matters relating to approved accounting standards or any matter relating to accounting practices used for the preparation of financial statements, either generally or in relation to any specific accounting principles or transactions; “MASB approved accounting standards” means approved accounting standards other than acceptable internationally recognised accounting standards; “Malaysian Institute of Accountants” means the body established under section 3 of the Accountants Act 1967 [Act 94]; “Minister” means the Minister for the time being charged with the responsibility for finance; “principal officer”, in relation to a public listed company, means a person by whatever name called who is responsible for the conduct of the business and administration of the public listed company, and includes a non-executive chairman of the public listed company; “Registrar of Companies” means the Registrar of Companies appointed under the Companies Act 1965 [Act 125]; “Securities Commission” means the Securities Commission established under the Securities Commission Act 1993 [Act 498].
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated. Read the official text ↗
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).