Bookkeeping and Accounting Services
Statutory bookkeeping and accounts for Malaysian companies, with audit through our panel of auditors.
Who this is for
Every Malaysian company must keep accounting documents and records that are ready for inspection and audit, and prepared to approved accounting standards. The penalty for not doing so is up to RM500,000 and/or one year in prison. The financial statements must also be audited where an audit is required.
What ASI handles
Our accounting and tax service covers statutory bookkeeping, corporate and personal tax filing, and XBRL file conversion. We keep your numbers clear, organised and up to date, so the accounts are ready for the financial statements, the tax return or an audit. After incorporation, depending on your business, you may need to arrange accounting alongside your bank account, tax registration, business licences and payroll.
Where your company needs an audit, we arrange it through our panel of auditors. Not every company needs one. Try the Audit Exemption Checker for an initial indication of whether your company may qualify for an exemption.
What you need to prepare
Start with your company’s financial year end date and the accounting documents and records you already hold. We will tell you what else we need.
Dates and deadlines to know
- Entries should be made in the accounting records within 60 days of the transaction.
- The first financial statements must be prepared within 18 months of incorporation, and after that within six months of each financial year end.
- Accounting documents and records must be kept for seven years.
The Company Compliance Journey shows your financial statement, Annual Return and tax dates when you enter your incorporation, business start and year end dates.
Why ASI
ASI Secretarial has supported businesses in Malaysia since 1995, and our office is at Megan Avenue 1 in Kuala Lumpur. Accounting sits next to our company secretarial, tax and payroll work, so your records and your filings are handled by one team.
WhatsApp Us → Call 03-2770 8133
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FAQs
1) Must an entity maintains Accounting records / Financial Statements and Reports?
- An entity must ensure the accounting documents and records to be kept, readily for inspections and auditing, if so required.
- The accounting documents must be prepared according to approved accounting standards.
- The Financial Statement shall be audited, if so required.
- Non-compliance penalty is up to five hundred thousand ringgit Malaysia (RM500,000) and/or one (1) year imprisonment.
2) How frequent should the Financial Statement/Reports be prepared for a Company?
- Within eighteen (18) months from the date of its incorporation and subsequently within six (6) months of its financial year ended.
E.g. Company incorporated on 24 January 2021 must have its financial statements prepared before or by 24 July 2022.
- Appropriate entries shall made in the accounting record within sixty (60) days of the completion of the transaction/operations.
E.g. Company purchased computer on 03 February 2022, and such transaction must be recorded in the books by 03 April 2022.
3) How long does the Accounting documents and records must be kept for?
- Seven (7) years.