Issuance of Amendment to Private Entity Definition the Malaysian Accounting Standards

Issuance of Amendment to Private Entity Definition the Malaysian Accounting Standards

A private entity is a private company as defined in section 2 of the Companies Act 2016 that:
(a) is not itself required to prepare or lodge any financial statements under any law administered by the Securities Commission or Bank Negara Malaysia; and
(b) is not a subsidiary or associate of, or jointly controlled by, an entity which is required to prepare or lodge any financial statements under any law administered by the Securities Commission or Bank Negara Malaysia.

Notwithstanding the above, a private company that is itself, or is a subsidiary or associate of, or jointly controlled by, an entity that is a management company as defined in section 2 of the Interest Scheme Act 2016 is not a private entity.

The above amendment shall be applied for the financial statements with annual periods ending on or after 31 January 2017.

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