Comparison of PERSs, MPERS and MFRSs in Malaysia In February 2014, the MASB issued Malaysian Private Entities Reporting Standard (MPERS) and this sets a new milestone for financial reporting of private entities in Malaysia. MPERS is based substantially on the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) issued by the…
MASB issues limited amendments to two Standards On 16 April 2016, the Malaysian Accounting Standards Board (MASB) has issued the following pronouncements: (1) Malaysian Financial Reporting Standards (MFRSs) (i) Disclosure Initiative (Amendments to MFRS 107) (ii) Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to MFRS 112) (2) Financial Reporting Standards (FRSs) (i) Disclosure…
MASB issues new Standard which requires lessees to recognise all leases on balance sheet On 15 April 2016, the Malaysian Accounting Standards Board (Board) has issued MFRS 16 Leases to replace the existing Standard on Leases, MFRS 117. MFRS 16 is word-for-word IFRS 16 Leases as issued by the International Accounting Standards Board, and has…
IESBA Invites Comments on Limited Re-Exposure of Proposed Changes to the Code Addressing the Long Association of Personnel With an Audit Client The International Ethics Standards Board for Accountants (“IESBA”) has, on 4 February 2016, released an Exposure Draft (“ED’) titled “Limited Re-exposure of Proposed Changes to the Code Addressing the Long Association of Personnel…
MASB defers accounting changes for associates and joint ventures (31 December 2015) The Malaysian Accounting Standards Board (MASB) today has deferred the effective date of Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to MFRS 10 and MFRS 128). However early application of ‘Amendments to MFRS 10 and…
Accounting Standards for Malaysian SMEs to include latest improvements (28 October 2015) The Malaysian Accounting Standards Board (MASB) today issued limited amendments to the Malaysian Private Entities Reporting Standard (MPERS). These amendments shall be effective for annual periods beginning on or after 1 January 2017, but early application is permitted. The most significant change is…
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…