SIDC seminar for quality financial reporting and compliance with accounting standards

Kuala Lumpur, 29 September 1999

The Securities Industry Development Centre (SIDC) of the Securities Commission (SC) will be organising a Seminar on Financial Reporting and Compliance on 7 October 1999 at the SC Building.

The primary objective of the seminar is to promote the practice of responsible financial reporting and compliance with accounting standards among listed corporations and industry practitioners.

For this purpose, participants will be presented with local industry viewpoints on the preparation and audit of financial statements. Additionally, local and foreign regulators - from the United Kingdom and Australia - will share their views on surveillance and enforcement of accounting standards.

The seminar is timely in view of the Securities Industry (Compliance with Approved Accounting Standards) Regulations 1999 that came into force on 18 June 1999 and requires listed corporations, its directors and chief executives to comply with approved accounting standards. Failure to comply with these regulations is an offence.

The seminar is targeted at company directors, company secretaries, auditors, academicians, accountants, financial analysts and users of financial statements.

SC senior executives as well as experienced industry and market practitioners will be facilitating the seminar and these include:

Ken Pushpanathan, Partner, Arthur Andersen & Co.;
Douglas Niven, Deputy Chief Accountant, Australian Securities and Investments Commission (ASIC);
Carol Page, Assistant Secretary, Financial Reporting Review Panel, United Kingdom;
Mark Rozario, General Manager, Group Finance Sungei Way Holdings Berhad
Cheah Chuan Lok, Head of Equities Research, AMMB Asset Management Sdn Bhd
Yang Berbahagia Datin Azizah Mohd Jaafar, General Manager, Securities Commission

There will also be two panel sessions chaired by leading members of the industry namely Yang Mulia Raja Datuk Arshad Raja Tun Uda, Chairman, Malaysian Accounting Standards Board (MASB) and Tony Seah Cheoh Wah, Council Member, Malaysian Institute of Accountants (MIA).

Interested parties may contact Rosmawati Abdul Azid at tel: 03-654 8590/ fax: 03-651 5811.

SECURITIES COMMISSION MALAYSIA

Issued on behalf of the Securities Commission. Members of the press requiring assistance may contact the Corporate Affairs Department at tel no. 03-6548513 (Ann Teoh) / 03-6548625 (Soh Beng Choo) or fax no.: 03-6515078.

Background information:

The Securities Industry Development Centre (SIDC) is the education arm of the Securities Commission. It is responsible for facilitating education and research in the development of the capital market in Malaysia through training and dissemination of findings of non-proprietary research. It is also responsible for the development of the SC's resource centre which when fully established will be the premier capital market resource centre for the region.

The Securities Commission (SC), a statutory body reporting to the Minister of Finance, was established under the Securities Commission Act 1993. It is the sole regulatory agency for the regulation and development of capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Securities Industry Act 1983 and Futures Industry Act 1993.

More information about the SC is available on its homepage at www.sc.com.my