Malaysian Private Entities Reporting Standard (MPERS)
11 Dec 2016
On 14 February 2014, the Malaysian Accounting Standards Board (MASB) issued a new financial reporting framework for private entities ~ the Malaysian Private Entities Reporting Standard (MPERS). ALL private entities shall apply the MPERS (2014) for its financial statements beginning on or after 1 January 2016. The MPERS (2014) is word-for-word the IFRS for SMEs issued by International Accounting Standards Board (IASB) in July 2009 except for the requirements on income tax and property development activities.
A comparative analysis of the MPERS (2014) with the PERS and MFRS frameworks is available here.
2015 Amendments to the MPERS
Subsequent to the issuance of the MPERS mentioned above, on 28 October 2015, the MASB issued limited amendments to the MPERS, which shall be effective for annual periods beginning on or after 1 January 2017, with early application permitted.
Major Changes
The majority of the amendments clarify existing requirements or add supporting guidance, rather than change the underlying requirements in the MPERS.
The most significant change which relate to private entities is permitting SMEs to revalue property, plant and equipment. In other words, private entities that are applying revaluation model under the existing PERS can continue to apply revaluation model if they adopt MPERS amendments early.
However, private entities that wish to adopt amendments early must apply the amendments in their entirety.
An updated comparative analysis of the MPERS (2015) with the PERS and MFRS frameworks is available here.
IF YOU REQUIRE MORE INFORMATION OR ADVICE ON THE ABOVE, PLEASE CONTACT THE DIRECTOR OR ANY OF THE MANAGERS IN THE AUDIT DEPARTMENT