MASB launches Malaysian Private Entities Reporting Standard (MPERS) (27 October 2015)
The Malaysian Accounting Standards Board (MASB) today launched Malaysian Private Entities Reporting Standard (MPERS), the new financial reporting framework for private entities.
The MPERS is practically identical to the International Financial Reporting Standards (IFRS) for SMEs set by the International Accounting Standards Board (IASB), except for the requirements for those involved in property development activities.
Private entities are mandated to apply the MPERS for its financial statements beginning on or after 1 January 2016. The MPERS launched today is a consolidated version which incorporates the 2015 Amendments to the MPERS. The limited amendments shall be effective for annual periods on or after 1 January 2017, but early application is permitted.