8-1. About Bookkeeping


Financial statements refer to documents that are stipulated by the Companies Act, such as a "Profit and Loss Statement" that calculates the profits of the company and a "Balance Sheet" that expresses the company's financial condition, which are the basis for calculating the tax amount. In Malaysia, it is generally called a management account. Day to day business transactions like sales invoice, purchases invoice, expenses billing & receipts as well as monthly bank statements need to be provided in order to generate a full sets financial statements.

Malaysia has its own accounting standards (FRS) in accordance with IFRS. Malaysian companies listed on the stock exchange are required to prepare financial statements based on FRS. However, foreign companies listed on the stock exchange are allowed to prepare financial statements based on IFRS. For SME (Small Medium Entity) also applying MPERS (Malaysian Private Entities Reporting Standard). The MPERS is a self-contained Standard that is applicable only to private entities. The accounting requirements of the MPERS are word-for-word the IFRS for SMEs (International Financial Reporting Standards for Small and Medium-sized Entities) issued by the IASB except for the requirements on Property Development Activities (Section 34 Specialised Activities). Small SMEs which applied MPERS is emphasising on cost saving and it is less compliance cost involved compared to MFRS. Meanwhile, it is for those small SMEs that do not plan to go for IPO in the foreseeable future.

The scope of our service provision is as follows:-

・Prepare journal vouchers, coding and bank reconciliation.
・Prepare Profit & Loss, Balance Sheet, General Ledger & Trial Balance (Full sets management account).
・Review management report and general accounting advisory.
・Financial analyst to provide valuable insight into company’s financial health.

Accounting and Administrative Service

We request Monthly sales invoice, expenses billing & receipts for undertaking.

We connect through Dropbox or Email for scan documents.

We use accounting software from Sage UBS.

It is depend on the volume of the business transactions. Monthly, quarterly or yearly management account can be provided based on client's requested, Meanwhile different fees charges will be applied. Kindly contact our accounting team for quotation in details.

Undertaking fee vary depending on transaction volume. Kindly contact our accounting team with reference to the following data:-

Dormant Status : 0 (Including cases there is no sales and only payment)
Active Status : 0-15 transactions per month
Active Status : 16-50 transactions per month
Active Status : 51-150 transactions per month
Active Status : 150 & above transactions per month

Kindly contact our accounting team.

Management account are basically generated with 4 items: Profit Loss Statement (P/L), Balance Sheet (B/S), General Ledger (G/L) and Trial Balance (T/B).

Allowable expenses to be tax deducted for Labuan company must be related to the business activities and it is decided by Labuan auditor after audit progress have been done.

Issued invoice cannot be deleted and it can be knock off with issue the ''Credit Note'' to tally back the account entry.


8-2. About Audit


Yes, we can introduce auditors if necessary.

After management account have been generated then will pass to the appointed auditor for audit progress.

Sales invoice, Purchases invoice, company expenses invoice receipts, bank statements as well if there is any agreements which related to business activities.

Yes, It is compulsory to do consolidated management account for holdings company with its subsidiaries.

Labuan's corporate tax filing deadline is March 31 every year. Please contact us only if you are not in time. We will apply for an extension of the deadline (whether approved or not is based on FSA's discretion).

* In principle, Bona Trust Corporation does not accept any secretarial services for clients who cannot meet the deadline.