GN3 Companies
8.23
ABC Berhad, a listed corporation has changed its financial year end from 31 December 2009 to 31 March 2010. ABC Berhad's financial statements for the said period of 15 months show that it has incurred losses. For the purposes of determining if ABC Berhad triggers one of the Prescribed Criteria in Guidance Note 3, will the losses for the whole 15 months period be considered?
Yes, the losses incurred for the full financial year of ABC Berhad i.e. the 15 months period from 1 January 2009 to 31 March 2010, will be taken into consideration. If the losses equal to or exceed the amount of its shareholders' equity and the shareholders' equity is 50% or less of the issued and paid up capital of the listed corporation at the end of the financial year 31 March 2010, ABC Berhad will trigger the Prescribed Criteria.