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Section
4 of the Companies Act 1965 (CA 1965) defines financial year in relation to any
corporation as the period in respect of which any profit and loss account of
the company, laid before it at a general meeting is made up, whether that
period is a year or otherwise. In short, financial period is the Company’s
accounting period.
As
the CA 1965 does not specify the date in which a financial year shall commence
or end, the decision to determine the financial year, including any changes
thereof, is entirely at the discretion of the company.
Nevertheless,
a company is required to hold its first Annual General Meeting (AGM) within 18
months of its incorporation (Section 143 (1) of the CA 1965). This means that
the first accounting period should not be more than 18 months.
Most
companies use either the end of the calendar year (December 31) or the end of
any of the quarter (March 31, June 30 or September 30) as their fiscal year end
date.
Contact us
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24 hours Malaysia hotline：603-21418908;
24 hours Hong Kong hotline：852-27837818;
24 hours Hong Kong hotline：86-755- 36990589;
Email: mytannet@gmail.com
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