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KPMG launches WMB 2002 to assist companies in annual reports

KPMG Malaysia, the Malaysian member firm of KPMG International, launched Wonderful (Malaysia) Bhd “WMB 2002” which offers specimens disclosures of financial statements aimed at assisting clients, business associates and other relevant parties in the preparation of an annual report of a Malaysian company, listed or otherwise.

KPMG partner-in-charge of Assurance Division, Ng Kim Tuck said the WMB 2002 represented the annual report of a fictitious company aptly named Wonderful (Malaysia) Bhd and included specimen disclosures required of a listed company.

“The production of WMB 2002 is the culmination of the firm's efforts to assist its clients as reporting requirements have become very sophisticated in view of the issue of 24 approved accounting standards which are applicable to financial statements for the year ended Dec 31, 2002 as well as other listings requirements of the KLSE,” he said.

WMB 2002 covers among other things, applicable legislation, listing rules and financial statement for the year ended Dec 31, 2002,” he told reporters at a press conference to announce the launching of KPMG's “WMB 2002” here Thursday.

Ng said this was the second version of WMB, WMB 2001 was launched a year ago and incorporating disclosures required as of and for the year 2001.

KPMG had in Nov 22 launched Wonderful Malaysia Bhd – Interim Review, incorporating specimen reporting required in respect of a quarterly statement, to assist listed companies in complying with the Kuala Lumpur Stock Exchange's (KLSE) quarterly reporting requirements.

He said with WMB 2002, users would be able to easily and quickly ensure compliance with the relevant disclosure requirements and in a more structured format.

Whilst WMB 2002 is aimed at ensuring that compliance with the relevant reporting requirements are met, it must be emphasised that the format and wordings used are illustrative only and not intended to be mandatory or relied upon as a substitute for reading and interpreting the accounting standards and other disclosure requirements themselves.

“We trust that WMB 2002 will act as a useful tool in paving the way for quality financial reporting while maintaining a high standard of transparency in disclosures.”

He said the company was ready to meet with and discuss and explain to its clients should they find difficulty in interpreting accounting standards or other disclosure requirements.

KPMG International is a global network of professional services firm whose aim is to turn understanding of information, industries and business trends into value.

With more than 100,000 people worldwide, the firm provides financial advisory and consulting services in 152 countries.

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