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LAWS OF MALAYSIA
REPRINT
Act 558
FINANCIAL REPORTING
ACT 1997
Incorporating all amendments up to 1 January 2006
PUBLISHED BY
THE COMMISSIONER OF LAW REVISION, MALAYSIA
UNDER THE AUTHORITY OF THE REVISION OF LAWS ACT 1968
IN COLLABORATION WITH
PERCETAKAN NASIONAL MALAYSIA BHD
2006
PREVIOUS REPRINT
Act 558
ARRANGEMENT OF SECTIONS
PART I
PRELIMINARY
Section
1. Short title and commencement
2. Interpretation
PART II
P ART III
FINANCE
PART IIIA
STANDARDS
PART IV
GENERAL
27. (Deleted)
28. Confidentiality
29. Power to make regulations
Act 558
PART I
PRELIMINARY
1. (1) This Act may be cited as the Financial Reporting Act 1997.
(2) This Act shall come into force on such date as the Minister
may, by notification in the Gazette appoint, and the Minister may
appoint different dates for the coming into force of different provisions
of this Act.
Interpretation
“Minister” means the Minister for the time being charged with
the responsibility for finance;
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Financial Reporting 7
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“principal officer”, in relation to a public listed company, means
a person by whatever name called who is responsible for the
conduct of the business and administration of the public listed
company, and includes a non-executive chairman of the public
listed company;
PART II
(2) The Chairman of the Foundation shall preside over all meetings
of the Foundation.
(6) Subject to subsections (2), (3), (4) and (5), the Foundation
may determine the conduct of its proceedings.
and may—
(aa) have general or specific application;
(bb) differ according to differences in time or circumstance.
9. (1) The Board shall meet as often as may be necessary for the
performance of its functions.
(2) Six members of the Board shall form the quorum at all
meetings of the Board. Adam Haida & Co
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(2A) Any member of the Board may take part in a meeting of
the Board using teleconferencing or videoconferencing or other
electronic means.
(3) The advisors to the Board shall have the right to attend
meetings of the Board but shall not have a right to vote.
(5) Subject to subsections (2), (2A), (2 B), (3), (4) and (6), the
Board shall have power to determine the conduct of its proceedings.
(6) The Board may invite any person to attend any meeting or
deliberation of the Board for the purpose of obtaining views on
any matter under discussion, but any person so attending shall
have no right to vote at the meeting or deliberation.
Disqualification
Term of office
13. (1) A member of the Foundation or the Board may at any time
resign his office by written notice addressed to—
(a) the Minister, in the case of the Chairman; or
(b) the Chairman, in the case of any other member.
Vacation of office
Minister’s directions
15. (1) The Minister may give to the Foundation or the Board
directions of a general nature which are consistent with the provisions
of this Act as to the performance of the functions and exercise of
the powers of the Foundation or the Board and the Foundation or
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the Board, as the case may be, shall Haida
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those directions.
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14 Laws of Malaysia ACT 558
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(2) The Foundation and the Board shall furnish the Minister
with such information relating to their activities as he may, from
time to time, require.
PART III
FINANCE
The Fund
19. (1) There is hereby established, for the purposes of this Act,
a fund to be administered by the Foundation.
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Financial Reporting 15
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(2) The Fund shall consist of—
(a) such sums as may be provided from time to time for the
purposes of this Act by Parliament;
(b) such contributions as may be made by any person including
industry groups and corporations;
(c) such fees or other charges as may be paid to the
Foundation or the Board; and
(d) all other sums or property which may in any manner
become payable to the Foundation or the Board or vested
in the Foundation in respect of any matter incidental to
its functions and powers.
(4) Any delegation under subsection (3) shall not prevent the
concurrent performance by the Foundation of the Foundation’s
function so delegated.
21. The financial year of the Foundation shall begin on the first
day of January and end on the thirty-first day of December in each
year.
Investment
22. The moneys of the Fund shall, in so far as they are not
required to be expended by the Foundation under this Act, be
invested in such manner as may be deemed suitable by the Foundation.
Annual report
Accounts
24. (1) The Foundation shall cause proper accounts of the Fund
to be kept and shall, as soon as practicable after the end of each
financial year, cause to be prepared for that financial year a statement
of accounts of the Foundation which shall include a balance sheet,
a statement of income and expenditure and a cash flow statement.
PART IIIA
STANDARDS
PART IV
GENERAL
Confidentiality
28. Except for any of the purposes of this Act or for the purpose
of any civil or criminal proceedings under any written law or for
the purpose of assisting any authority or agency in the performance
or exercise of its functions or power under any written law in
Malaysia, the Foundation and the Board shall take all reasonable
measures to protect from unauthorized use or disclosure any
information given to the Foundation or the Board in confidence.
Act 558
LIST OF AMENDMENTS
Act 558
DICETAK OLEH
PERCETAKAN NASIONAL MALAYSIA BERHAD,
KUALA LUMPUR
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