Sample Disclosure – Different Financial Year End Of Subsidiary In Directors’ Report (1 September 2009)
SUBSIDIARY WITH DIFFERENT FINANCIAL YEAR END
The statutory financial year end of XYZ Subsidiary Trading Ltd., an indirect subsidiary of the Company, does not coincide with the financial year of the Group. However, the Company has consolidated the financial position and results of XYZ Subsidiary Trading Ltd. based on the audited financial statements made up to the financial year of the Group in accordance with the requirements of FRS 127. The Company was granted approval from the Companies Commission of Malaysia pursuant to Section 168(3) of the Companies Act, 1965 for this subsidiary company to continue to adopt the financial year end that does not coincide with the financial year end of the Group.