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Malaysian Private Entities Reporting Standard (MPERS)

The MPERSissued in February 2014 , is a self-contained Standard that is applicable only to private entities. The accounting requirements of the MPERS (2014) are word-for-word the IFRS for SMEs (International Financial Reporting Standards for Small and Medium-sized Entities) issued by the IASB in July 2009 except for the requirements on:

1. Income Tax (Section 29 Income Tax); and

2. Property Development Activities (Section 34 Specialised Activities).

A comparative analysis of the MPERS (2014) with the PERS and MFRS  frameworks is available here.

The MPERS (2014) is effective for annual periods beginning on or after 1 January 2016. Click here to download the “Notice of Issuance”.

MPERS Glossary in Bahasa Malaysia is available here.

2015 Amendments to the MPERS

In October 2015, the MASB issued 2015 Amendments to the MPERS which is  equivalent to the IASB’s 2015 Amendments to the IFRS for SMEs. With this issuance, the accounting requirements for Income Tax of the MPERS are word-for-word the IFRS for SMEs.

The 2015 Amendments to the MPERS is effective for annual periods beginning on or after 1 January 2017, with early application permitted. Click here to download the “Notice of Issuance”.

The consolidated version of the MPERS, incorporating the 2015 Amendments to the MPERS, is available here. To purchase a copy, please click here.

In February 2017, the MASB revised the Private Entity definition with the coming into operation of the Companies Act 2016 and Interest Schemes Act 2016, both on 31 January 2017. The revised definition shall be applied for the financial statements with annual periods ending on or after 31 January 2017. Click here to download the “Notice of Amendment”.

An updated comparative analysis of the MPERS (2015) with the PERS and MFRS frameworks is available here.

Implementation support

The IASB provides implementation support materials for the IFRS for SMEs, such as Illustrative Financial Statements, Presentation and Disclosure Checklist and Training Materials which are free to download for private, non-commercial use. The download instructions and terms of use are specified on the IFRS for SME webpages of the IASB website at http://go.ifrs.org/IFRSforSMEs