Choosing the right financial reporting framework
Lock Peng Kuan, a partner of Baker Tilly Malaysia | 14 Jul 2017 00:30
THE introduction of the new Malaysian Private Entities Reporting Standard (MPERS) by the Malaysian Accounting Standards Board (MASB) in 2014 set a new milestone for financial reporting of private entities.

Effective for financial statements with annual periods beginning on or after Jan 1, 2016, the private entities will no longer adopt the Private Entities Reporting Standards (PERS).

The misconception is that by default the adoption of MPERS is the only choice for private entities. In fact, a private entity has the option to either adopt MPERS or the Malaysian Financial Reporting Standards (MFRS) in its entirety.

There are many aspects to be considered before choosing whether to switch to MPERS or MFRS.

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