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SSM to introduce a more Competitive Companies Act
MUAR, March 3 (Bernama) -- The Companies Commission of Malaysia (SSM) will introduce a more comprehensive Companies Act based on dynamic corporate law and taking into account current needs and the future.

Deputy Prime Minister Tan Sri Muhyiddin Yassin said the move is among initiatives to be taken by SSM to create a more competitive and conducive business environment in the country.

"SSM will also introduce the Extensible Business Reporting Language (XBRL) System to facilitate preparation of financial reports based on global accounting standards.

"The system will ensure that all financial reports by local companies comply with prescribed accounting standards.

"This initiative will increase reliability and transparency of company financial reports in the country," he said when opening the SSM Carnival in Pagoh near here today, in conjunction with SSM's 10th anniversary celebration.

Also present at the event was Minister of Domestic Trade, Cooperatives and Consumerism, Datuk Seri Ismail Sabri Yaacob.

The XBRL system will produce analytical reports on financial position of companies making them more dynamic and critical in making accurate business decisions.

Muhyiddin who was domestic trade minister when SSM was established ten years ago said a lot of innovation and achievement had been achieved since then.

"Innovations implemented by SSM shows that the government is sensitive and visionary in improving customer service in line with the concept of 1Malaysia, People First, Performance Now."

SSM has implemented various reforms to improve services, drive the economy making it more sustainable while the facilities will reduce red tape in starting business in Malaysia.

The deputy premier also criticised pasar malam traders who failed to register with SSM despite issued with business licences by local authorities.

"This must be taken seriously because under the Registration of Businesses Act 1956, anyone who wants to run a business must be registered with SSM," he added.
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Source : Bernama, The Star, New Straits Times
Date of  Publication : Sunday, 04 March 2012
Original Title : SSM To Introduce A More Competitive Companies Act
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