Section 18
of Securities Markets Regulations, 2015
Section 18
(1)
Market disclosure of the annual report and annual financial statements by reporting entities (public companies and listed companies, including funds)
must be made on a timely basis and include significant information about the operations and business results of the reporting entities.
(2)
The annual·report and annual financial statements referred to in sub-regulation (1) must be made and filed with the Authority as soon as possible after the annual report and financial statements have been audited and approved but not later than 90 days after the end of the financial period, and save in exceptional circumstances, the Authority may consider an application for extension of this period.
(3)
With respect to the financial year to which it relates, the annual report must include 185
{a}
a review of operations during the financial year and the results of those operations;
(b)
the details of any significant changes in the state of affairs of the reporting entity during the financial year;
{c)
the principal activities of the reporting entity during the financial year and any significant changes in the nature of those activities during that financial year;
{d)
the details of any matter or circumstance that have arisen since the end of the financial year that have significantly affected or may significantly affect
(i)
the reporting entity's operations in future financial years;
(ii)
the results of those operations in future financial years; or
(iii)
the reporting entity's state of affairs in future financial years;
{e)
the likely developments in the reporting entity's operations in future financial years and the expected results of those operations; and
{f)
a statement by the auditors that the accounts give a true and fair view of the state of affairs of the reporting entity, profit and loss and additional information as may be required.
(4)
An independent, competent and qualified auditor must audit the annual financial statements in accordance with the International Financial Reporting
Standards or where applicable, the Accounting and Auditing Organisation for
Islamic Financial Institutions Standards or such other international standards as may be applicable.
Preliminary and interim financial results.