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MASB Approved Accounting Standards for Private Entities

A private entity is a private company as defined in section 2 of the Companies Act 2016 that –

•   is not itself required to prepare or lodge any financial statements under any law administered by the Securities Commission Malaysia or Bank Negara Malaysia; and

•   is not a subsidiary or associate of, or jointly controlled by, an entity which is required to prepare or lodge any financial statements under any law administered by the Securities Commission Malaysia or Bank Negara Malaysia. 

Notwithstanding the above, a private company that is itself, or is a subsidiary or associate of, or jointly controlled by, an entity that is a management company as defined in section 2 of the Interest Schemes Act 2016 is not a private entity.

The meaning of ‘subsidiary’, ‘associate’ and ‘jointly controlled’ are as respectively defined and explained in MFRS 10 Consolidated Financial Statements, MFRS 128 Investments in Associates and Joint Ventures and MFRS 11 Joint Arrangements

An entity may only be treated as a private entity in relation to such annual periods or interim periods throughout which it is a private entity.

Private entities shall comply with either:

1.    Malaysian Private Entities Reporting Standard (MPERS) in its entirety for financial statements with annual periods beginning on or after 1 January 2016; or

2.    Malaysian Financial Reporting Standards (MFRS) in their entirety.

Malaysian Private Entities Reporting Standard (MPERS)

The Malaysian Accounting Standards Board (MASB) issued MPERS in February 2014. The MPERS is a self-contained Standard that is applicable only to private entities. A private entity shall apply the MPERS [herein referred to as “MPERS (2016)] for annual periods beginning on or after 1 January 2016. (see Notice of Issuance dated 14 February 2014) 

In October 2025, the MASB issued a revised version of MPERS [herein referred to as “MPERS (2025)”] which aligns with the third edition of IFRS for SMEs Accounting Standard issued by the IASB in February 2025. An entity shall apply MPERS (2025) for annual periods beginning on or after 1 January 2027. Earlier application is permitted. (see Notice of Issuance dated 10 October 2025).

MPERS (2016) shall hereby be withdrawn for application for financial statements with annual reporting periods beginning on or after 1 January 2027 (see Notice of Issuance dated 10 October 2025).

Comparative analysis of the MPERS (2016) with the PERS and MFRS frameworks is available here.

To purchase a copy of MPERS (2025), please click here. 

View MPERS (2016)

View MPERS (2025)

Implementation support

The IFRS for SMEs Accounting Standard modules contain a copyright notice and terms for the allowed use of the materials. Please ensure that you read the notice and terms before using the materials.

Disclaimer

The MASB monitors the quality of the information available on this website and updates the information regularly. This website is presented by the MASB for the purpose of disseminating information and publications for the benefit of constituents. The MASB does not guarantee and accepts no legal liability whatsoever arising from or connected to, the accuracy, reliability, currency or completeness of any material contained on this website or on any linked site.

The MASB uses its best endeavours to ensure the MASB approved accounting standards contained in this website are updated immediately upon issuance of such standards. In the event the MASB approved accounting standards available on the MASB website differ from the printed version (purchased from the MASB), the latter would prevail over the former.

Terms of Use for Users

1.   The IFRS Foundation and the Malaysian Accounting Standards Board grant users of the Malaysian Private Entities Reporting Standard (MPERS) (Users) the permission to reproduce MPERS for

•   the User’s Professional Use, or

•   private study and education

Professional Use: means use of MPERS in the User’s professional capacity in connection with the business of providing accounting services for the purpose of application of MPERS for preparation of financial statements and/or financial statement analysis to the User’s clients or to the business in which the User is engaged as an accountant.

For the avoidance of doubt, the abovementioned usage does not include any kind of activities that make (commercial) use of MPERS other than direct or indirect application of MPERS, such as but not limited to commercial seminars, conferences, commercial training or similar events.

2.  For any application that falls outside Professional Use, Users shall be obliged to contact the Malaysian Accounting Standards Board and the IFRS Foundation for a separate individual licence under terms and conditions to be mutually agreed.

3.  Except as otherwise expressly permitted in this notice, Users shall not, without prior written permission of the Malaysian Accounting Standards Board and the Foundation, have the right to license, sublicense, transmit, transfer, sell, rent, or otherwise distribute any portion of MPERS to third parties in any form or by any means, whether electronic, mechanical or otherwise either currently known or yet to be invented.

4.  Users are not permitted to modify or make alterations, additions or amendments to or create any derivative works from MPERS, save as otherwise expressly permitted in this notice.

5.   For further details about licensing the IFRS Foundation’s intellectual property please contact licences@ifrs.org