KLSE Announces Amendments To Quarterly Financial Reporting For Public Listed Companies

Kuala Lumpur Stock Exchange (KLSE) today announced amendments to the Listing Requirements of KLSE and the Listing Requirements of KLSE for the MESDAQ Market on provisions relating to quarterly reporting of financial statements (quarterly reports).

The amendments is made in conjunction with the approved accounting standard of MASB 26 issued by the Malaysian Accounting Standard Board (MASB).

Pursuant to the amendments, quarterly reports for quarters ending on or after 30 September 2002 must comply with MASB 26. The MASB 26 defines the minimum content of an interim financial report and identifies the accounting recognition and measurement principles that should be applied in an interim financial report.

In line with MASB 26 requirements, KLSE has removed the fixed format previously prescribed for the Income Statement and Balance Sheet of the quarterly reports. This is because MASB 26 now regulates the requirements of the quarterly reports. With the issuance of MASB 26, quarterly financial statements should include, at a minimum, the following components:

1. condensed balance sheet;
2. condensed income statement;
3. condensed statement showing either
   1. all changes in equity or
   2. changes in equity other than those arising from capital transactions with owners and distributions to owners;
4. condensed cash flow statement; and
5. selected explanatory notes.

Further guidance on the structure of financial statements can be obtained from MASB 1 and the appendix entitled "Illustrative Financial Statement Structure", that provides further guidance on major headings and subtotals.

The revised requirements for quarterly reporting will augur well for the industry as investors will have access to enhanced and streamlined financial information on a periodic basis.

The details of the revised requirements for quarterly reporting are also available at the KLSE Web-site at www.klse.com.my.