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Accounting Crash Course

Accounting Crash Course

This is the place to learn accounting!

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    A list of the topics covered so far. Please let me know any broken links General Financial Accounting
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      I am a Chartered Accountant and Approved Company Auditor in Malaysia. My primary objective of creating this blog is to share my experience with those who are interested to learn accounting.
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    You can contact me at kokchonglim@gmail.com. Your suggestions and comments are appreciated.

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Tag: Share premium account

FRSIC Consensus 13 – Expenses Permitted To Be Written Off Against The Share Premium Account Under Section 60 of the Companies Act, 1965 (1 September 2009)

The effective date of the application of this FRSIC CONSENSUS was 1 September 2009.

The release of FRSIC Consensus 13 – Expenses Permitted To Be Written Off Against The Share Premium Account Under Section 60 of the Companies Act, 1965 provides guidance, on the the practice of writing off some or all of the expenses incurred in a listing exercise against the share premium account described in Paragraph 4 of this Consensus may contravene Section 60 sub-section(3) of the Act, as well as FRS 132 “Financial Instruments: Disclosure and Presentation”, since some of the expenses may be deemed to be incurred for purposes other than for the issue of shares, i.e. some of the expenses are not incurred in connection with the issue of shares. Guidance is therefore needed to clarify expenses which are permitted to be written-off against the share premium account.

You can download FRISC Consensus 13 here: http://www.frsic.my/consensus_consensus.asp

Posted on April 8, 2011April 9, 2011Author kclimCategories International Financial Reporting StandardsTags expenses allowed to be written off against share premium, section 60 Companies Act Malaysia, Share premium account1 Comment on FRSIC Consensus 13 – Expenses Permitted To Be Written Off Against The Share Premium Account Under Section 60 of the Companies Act, 1965 (1 September 2009)
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