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 launch was officiated by Tan Sri Azlan Zainol, Chairman of Financial Reporting Foundation (FRF), at Menara SSM, Kuala Lumpur. Also present was Dato’ Zahrah Abdul Wahab Fenner, the CEO of Suruhanjaya Syarikat Malaysia.

In his officiating speech, Tan Sri Azlan said, “Private entities or SMEs are extremely important to Malaysia’s economic transformation process. As the SMEs gain prominence in the regional and global market, it is therefore timely that these business entities advance to a new financial reporting framework that is based on the International Financial Reporting Standards (IFRS) for SMEs.”

Commenting on the adoption of MPERS by the private entities, Dato’ Zahrah Abdul Wahab Fenner said, “This is an important step towards preparing the private entities or the SMEs for globalisation. The SMEs will be able to create new opportunities and could also be facing enormous challenges through globalisation. It is therefore important and relevant that the SMEs in Malaysia adopt a global financial reporting language that is not only up-to-date, but also have been adopted by other 73 countries around the world.”

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.

Today’s launch of MPERS signifies the end of Private Entity Reporting Standards (PERS), which will be withdrawn from application effective 1 January 2016.

END

For enquiries, please contact:

Malaysian Accounting Standards Board

Suites 5.2, Level 5
Wisma UOA Pantai
No. 11, Jalan Pantai Jaya
59200 Kuala Lumpur
Tel: 03-2240 9200
Fax: 03-2240 9300
Email: technical@masb.org.my