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Future Reporting Framework for Private Entities: A Comparison of Sample Financial Statements

On 29 February 2012, the Malaysian Accounting Standards Board (MASB) issued a Request for Views (RFV) on Private Entities, the Way Forward toseek views from interested parties about the future financial reporting framework for private. One of the questions raised requested respondents to choose the most appropriate and suitable replacement for the Private Entities Reporting Standards (PERS) Framework from the options as follows:

(i)ED 52 Private Entity Reporting Standards;

(ii)  ED 72 Financial Reporting Standards for Small and Medium Sized Entities;

(iii) ED 74 Amendments to Financial Reporting Standards arising from Reduced Disclosure Requirements; or

(iv) The upcoming revised IFRS for SMEs (IASB target effective date: 2015)

For a copy of the model financial statements, please click on the following links:

ED 52 Private Entity Reporting Standards

- Please refer to Appendix 2 under MASB ED 52 document. Please click here.

ED 72 Financial Reporting Standards for Small and Medium Sized Entities and IFRS for SMEs

- Please refer to MASB ED 72 document on Basis for Conclusions; Illustrative Financial Statements; Presentation and Disclosure Checklist. Please click here.

ED 74 Amendments to Financial Reporting Standards arising from Reduced Disclosure Requirements

- Deloitte Publication

- Ernst & Young Publication

- KPMG Publication

- PricewaterhouseCoopers Publication

In addition, we have made available model IFRS financial statements, being the MFRS equivalent, as the MFRS are identical in all respects other than the nomenclature since adoption on 1 January 2012 for Entities other than Private Entities. Please click on the following links for the model IFRS financial statements:

- Deloitte Publication

- Ernst & Young Publication

- KPMG Publication

- PricewaterhouseCoopers Publication

Disclaimer:

We have obtained permission from the respective firms in reproducing the links to their publications on our website. Should you require more information or have any enquiries on these publications, please contact the respective firms directly.