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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.
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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
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