Tabung Haji: We comply with M’sian accounting standards
Pilgrims fund reiterates that bonus was not drawn from reserves but from current year profit.
KUALA LUMPUR: Lembaga Tabung Haji (TH) today insisted that its financial statements were in accordance with the financial reporting standards set by the Malaysian Accounting Standards Board and syariah principles.
“TH wishes to emphasise that its financial statements were prepared in accordance with financial reporting standards published by the Malaysian Accounting Standards Board and syariah principles.
“As such, the issue of TH and creative accounting, as propagated by some parties, does not arise,” the pilgrims fund said in a statement released today.
TH pointed out the Feb 3, 2016 statement by the Auditor-General confirming the accounting policies adopted by the fund were consistent and prudent.
On Monday, TH paid its annual bonus totalling RM3.2 billion to 8.85 million depositors, following a declaration of a 3% bonus and 5% dividend earlier this month.
Emphasising that the bonus was not drawn from its reserves but from current year profit, TH stated that its 2015 accumulated profit remained positive at RM609 million from RM293 million previously.
It disputed allegations that it had tapped into reserve coffers to pay bonuses and clarified that the fund retained two categories of reserves – distributable and non-distributable.
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Its distributable reserves comprised of accumulated and current year profit whereas its non-distributable reserves were based on fair valuation or AFS (available for sale) price which may fluctuate based on current market sentiments.