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FAR 600

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Adam Aress

on 29 March 2015

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Transcript of FAR 600

FAR 600
COMPARATIVE STUDY OF TWO ORGANIZATIONS

Business Review
Business and Economic Literature Review on the Industries
Background of The Companies
-
Joint venture with Index Living Mall Company Limited (Thailand based Furniture Company) :-
Jointly set up a company selling home and office furnishings in Malaysia
-
Employ strategies to attract and increase shopper traffic through :-
Provision of right tenant mix
Exciting promotional and thematic events
Proper maintenance and customer services
Economic Review
SECURITY INDUSTRY (REGULATION 1999, CAPITAL MARKET & SERVICE ACT 2007)
PREPARED BY
Nurul Ashikin Bt. Yusuf 2012760059
Syahirah Bt. Muhammad Atori 2012537143
Siti Zahirah Bt. Mior Osman 2012704425
Nur Izyan Izzati Bt. Zaini 2012973655
Harith Hassan B. Nor Hassan 2012550459

PREPARED FOR
Pn. Nurul Azlin Azmi
AEON CO. (M) BHD
-
Enrich Malaysian through two business segments :-
Retailing (Superstores for household goods & clothing)
Property Management Service (Shopping centre operations)
BONIA CORPORATION BHD
-
Investment holding company that engages in market retail and leatherwear.
-
Operates through several segments :-
Retailing
Manufacturing
Investment & Property
AEON CO. (M) BHD
BONIA CORPORATION BHD
-
Continue to explore new business opportunities prudently; locally and overseas; espescially in Middle East & South East Asia.
-
Result in higher initial investment costs as well as subject to certain risks in terms of :-
Political
Legal economic
Foreign exchange developments that will affect the company’s profitability in the short term
BONIA CORPORATION BHD
Statutory Requirements Cont'd
-
Similarity : Both companies had disclosed the directors’ interest in their annual reports.
-
Difference :
BONIA
had disclosed the interest of future contract in the report.
INCOME TAX ACT 1967
-
Similarity : Both companies are complying to the Income Tax Act 1967.
-
Difference :
BONIA
; had disclosed all domestic & foreign taxes on taxable profit and other taxes that includes real property gains taxes payable on disposal of properties.
BURSA MALAYSIA LISTING REQUIREMENTS
-
Similarities : Both companies have to follow the requirement on ;-
• Incorporated on
15 September, 1984
.

• Malaysian Government's invitation to
AEON Japan
.

• Leading retailer in Malaysia with total revenue of
RM3.51

billion
.

• Satisfy the changing
needs and demands
of consumers.

• Consists of AEON Co., Ltd. and over
250
consolidated subsidiaries and affiliated companies.


Specialty
store operations, shopping centre development and operations, credit card business and services.

• ASEAN and China.

• ‘
Customer First
’.

AEON CO. (M) BHD
• Established on
28 August 1991
.

• Founded by
Mr. S.S.Chiang
, the Group Executive Chairman.

• Changed its name to
Bonia Corporation Berhad
on 18 September 1993.


Manufacturing
of leather goods shoes;
designing
, and
distributing
fashion products.


883
sales outlets and
103
boutiques.


Main goal
- to be the recognized international brand with lists in the public listed companies in the region.

Analysis of the Similarities and Differences of The Two Industries
ACCOUNTING STANDARD – MALAYSIAN FINANCIAL REPORTING STANDARD (MFRS)
-
Similarity : The financial statements of both companies have been prepared in accordance with :-
Malaysian Financial Reporting Standards (‘MFRSs’)
International Financial Reporting Standards (‘IFRSs’)
Analysis of the Similarities and Differences of The Two Industries
Statutory Requirements
COMPANIES ACT 1965
-
Similarity : Both companies have complied with the Companies Act 1965 in the presentation of :-
Profit and loss account
Balance sheets
Directors’ report.
SECURITIES COMMISSION 1993
-
Similarity : Both companies had made their disclosures in the annual reports in order to comply with this Security Commission 1993.
Business and Economic Literature Review on the Industries
Analysis of the Similarities and Differences of The Two Industries
Corporate Governance
BOARD OF DIRECTORS

-
Similarity : Using MCCG 2012

-
Difference :
AEON
; importance of corporate governance and is committed in ensuring the sustainability of the company’s business and operations

BONIA
; committed to ensure that the group carries out its business operations with integrity, transparency and professionalism

BOARD COMPOSITION & BALANCE
-
Similarities : The company therefore complies with paragraph 15.02 of the main market listing requirements of Bursa Malaysia Securities Berhad

-
Difference :
AEON
; ten directors

BONIA
; nine directors
BOARD MEETING
-
Similarity : The Board meets at least four times a year, Additional meetings are convened where necessary to deal with urgent and important matters that require attention of the Board.

-
Difference :
AEON
; five board meetings held during financial year end

BONIA
; four board meetings held during financial year end
APPOINTMENT & RE-ELECTION OF THE BOARD
-
Similarity : Exercise the formal and transparent procedure in the appointment of new Director and the re-election of the Directors.

-
Difference :
AEON
; the Board may appoint an individual to be a Director by having selection process for new appointees by the Nomination Committee to the Board.

BONIA
; the Nomination Committee will make the recommendation for appointment to the Board.
DIRECTORS' TRAINING
-
Similarity : Assesses the training needs of its Directors to ensure that they are :-
Equipped with the requisite knowledge
Competencies to effectively steering of the Board
RELATIONSHIP WITH INVESTORS & SHAREHOLDERS COMMUNICATION
-
Similarity : Recognize the importance of keeping shareholders and investors informed of the Group’s business and corporate developments.
Board Committee
-
Difference :
AEON
; established the Nomination Committee, the Remuneration Committee and the Audit and Risk Management Committee to assist them.

BONIA
; Audit Committee, the Nomination Committee and Remuneration Committee which has delegated specific responsibilities committees.
Directors’ Remuneration
-
Difference :
AEON
; ensure that the company is able to attract and retain capable directors.

BONIA
; ensure the remuneration is sufficient to attract and retain high caliber Directors to run the Group successfully.
Accountability & Audit
Analysis of the Similarities and Differences of The Two Industries
FINANCIAL REPORTING
-
Similarities :-
Ensure that the financial statement of the company give a true and fair view
Ensure that the financial statement are drawn up according to the Financial Reporting Standard and the Companies Act 1965.
INTERNAL CONTROL
-
Similarities :-
Provides reasonable assurance of effective and efficient operations.
The compliance with the companies’ regulation and also with internal procedures and guidelines.
RELATIONSHIP WITH EXTERNAL AUDITOR
-
Similarities : Established a transparent and appropriate relationship with the Group’s internal and external auditors
Analysis of the Similarities and Differences of The Two Industries
Corporate Social Responsibility (CSR)
BONIA CORPORATION BHD
AEON CO. (M) BHD
ENVIRONMENT
Reforestation & Rehabilitation of Orang Utan in Lahad Datu, Sabah.
3R Programme with customers
Tree Planting Ceremony

COMMUNITY
Taste Of Malaysia (TOM)
Giving The Gift of Life-Blood Donation Campaign
SIMILARITIES
ENVIRONMENT
"Save Our Planet" Recycling Campaign
Bonia Eco-Friendly Ride

COMMUNITY
Blood Donation Campaign
Dumpling Charity Sales
Autism Awareness & Fundraising Campaign
Thank you for listening to our presentation. Do you have any questions ?
Q & A
Other Observations Peculiar to The Annual Report
Sarbanes Oxley Act 2002
- Covers responsibilities of a public corporation's board of directors and adds criminal penalties for certain misconduct.
-Both BONIA and AEON had not made any disclosure regarding this act.
Consumer
Industrial
Immediate disclosure of material information
Clarification
Through public dissemination
Confirmation and denial of rumours or report
Response to unusual market activity
Unwarranted promotional disclosure activity
Insider trading
Guidance on Special Matter No. 1 which is the Determination of Realized and Unrealized Profits or Losses in the Context of Disclosure
Full transcript