The book has been prepared by the Institute to guide members in their transition to the MPERS Framework. The book covers all 35 sections of MPERS, including the transitioning requirements.
MIA President Dato’ Mohammad Faiz Azmi said that private entities can no longer apply the Private Entity Reporting Standards (PERS) framework. These entities have to now make a choice of either migrating to the full blown Malaysian Financial Reporting Standards (MFRS) Framework or the MPERS framework, which is tailormade for them.
“The accounting requirements and treatments in MPERS are substantially different from those in the previous PERS Framework used by private entities in some areas,” he said.
“There are also some complex and highly technical areas, such as accounting for business combinations, consolidation, financial instruments and agriculture that require sufficient knowledge not just in accounting per se, but also in finance and economics.”
MPERS is an adaptation of the International Financial Reporting Standards (IFRS) for Small and Medium-Sized Entities issued by the International Accounting Standards Board (IASB) in 2009. By adopting the MPERS Framework, private entities in Malaysia would be able to bring their financial reporting to be in tandem with the current global financial reporting. The MPERS Framework is effective for financial statements beginning on or after 1 January 2016.
