s 75 Accounting standards
(1) For the purposes of this section— “financial statements” has the same meaning as set out in the approved accounting standards issued or approved by the Malaysian Accounting Standards Board under the Financial Reporting Act 1997 [Act 558]; “approved accounting standards” has the same meaning as in the Financial Reporting Act 1997. (2) A prescribed institution shall prepare its financial statements in accordance with— (a) the approved accounting standards subject to any standards as may be specified by the Bank; or (b) in the absence of any approved accounting standards, any standards as may be specified by the Bank. (3) Where the financial statements of a prescribed institution which has obtained the approval under subsection 33B(1) to carry on Islamic financial business are prepared in accordance with paragraph (2)(a), such financial statements are deemed to have been prepared in accordance with the approved accounting standards in so far as the financial statements relate to its Islamic financial business.