FRSIC Consensus 2 – Applicable Accounting Standards For MSC Status Companies (1 February 2008)
The effective date of the application of this FRSIC CONSENSUS was 1 February 2008.
The release of FRSIC Consensus 2 – Applicable Accounting Standards For MSC Status Companies provides guidance, to address the situation where a MSC-status company is given certain exemption to comply with the exchange control requirements under the Exchange Control Act, 1953. However, the general permission is given subject to the condition, among others, that the Company shall submit its audited annual financial statements to Jabatan Pentadbiran Pertukaran Asing “JPPA”, BNM within 3 months at the end of every financial year. The issue is whether the requirement for MSC Status Company to submit its financial statements to BNM is considered as lodging its financial statements under the law administered by BNM and therefore it is required to prepare the financial statements in accordance with FRSs and not PERSs.
You can download FRISC Consensus 2 here: http://www.frsic.my/consensus_consensus.asp