Sunday, 12 February 2012, 23:02 MST
SSM issues Compliance Programme to encourage Timely Submission of Annual Return and Audited Financial Statements
The Companies Commission of Malaysia (SSM) has on 17 October 2011, issued Practice Note No. 12 (PN 12/2011) "Compliance Programme to Encourage Timely Submission of Annual Return and Audited Financial Statements".

Pursuant to Practice Note 1/2008, all annual returns (AR) are required to be accompanied with a copy of the audited financial statements for the purpose of submission to the SSM. With the impending new Companies Bill in the near future, SSM is intensifying its effort to ensure all companies are up to date in their submission of annual returns prior to migrating to a new compliance regime.

In this regard, the SSM has issued PN 12/2011 to advise companies on specific compliance program. This PN provides clarification in cases where companies have duly prepared audited financial statements for the financial years prior to 2010 but were unable to lodge AR with SSM due to the unavailability of the audited financial statements for the corresponding financial year.

The notification of PN12/2011 serves to reiterate the need to comply strictly with PN1/2008 in the submission of AR for calendar year 2012 where all AR must be accompanied with the audited accounts for financial year ending 2011. In gearing towards full compliance of PN1/2008, companies must observe the following steps:
1) Prepare and audit the financial statements in accordance to Section 169(1) to the Companies Act (CA 1965);

2) Convene AGM in accordance to Section 143(1) of the CA 1965; and

3) If companies fail to observe (1) and (2), companies must apply for an extension of time under Section 143(2) and/or 169(2) of the CA 1965 accordingly.
[Click here to view the full text]
E-mail this Story
Print this Page
Share via Facebook
Source : Companies Commission Malaysia
Date of  Publication : Monday, 17 October 2011
Original Title : SSM issues Compliance Programme to encourage Timely Submission of Annual Return and Audited Financial Statements
The above/attached materials are sourced from the website of the official/original source. You shall not reproduce the above/attached materials in whole or in part without the prior written consent of the original/official source. Neither the Publishers nor the official/original source will be liable for any loss, injury, claim, liability, or damage caused directly, indirectly or incidentally to errors in or omissions from the above/attached materials. The Publishers also disclaim and exclude all liabilities in respect of anything done or omitted to be done in reliance upon the whole or any part of the above/attached materials. The access to, and the use of, the MLTIC web portal and contents herein are subject to the Terms of Use.
Syed Naqiz Shahabuddin
Partner, Naqiz & Partners
Tan Hon Yik
Partner, Naqiz & Partners
Khairul Ismail
Partner, Naqiz & Partners
SSM announces Deadline for Lodgement of Annual and Financial Statements
SSM releases Best Business Practice Circular
SSM Practice Note on Rectification of Documents lodged with the Companies Commission
SC releases Eligibility Requirements for Private Retirement Scheme Providers
IRB Public Ruling on Tax Treatment of a Co-Operative Society
SC invites Comments on Independent Chairman and Poll Voting
SSM issues Compliance Programme to encourage Timely Submission of Annual Return and Audited Financial Statements
SSM Practice Note: Clarification on whether a Society can be a member of a Company
SSM Practice Note: Lodgement of Annual Return where AGM cannot be convened
Bursa Malaysia amends Listing Requirements and issues Corporate Disclosure Guide
© Muttath Knowledge Management Services Sdn Bhd
Terms of Use
Privacy Policy
RSS Feeds