The MPERS, issued 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).
The MPERS (2014) is effective for annual periods beginning on or after 1 January 2016. Click here to download the “Notice of Issuance”.
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”.
An updated comparative analysis of the MPERS (2015) with the PERS and MFRS frameworks is available here.
Private Entity Definition
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”.
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
(i) the User’s Professional Use, or
(ii) 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 firstname.lastname@example.org