Malaysia considers private company reporting
The Malaysian Accounting Standards Board (MASB) has issued a Request for Views (RFV) that aims to seek feedback from constituents on the financial reporting future of private entities in Malaysia.
Malaysia already has existing Private Entity Reporting Standards (PERS). The MASB is proposing to replace the PERS with a new set of standards in 2015 to take effect for accounting periods beginning on or after 1 January 2016.
The MASB has released a number of proposals to replace PERS over recent years, including an updated 'domestic' standard (ED 52), a standard based on the IFRS for SMEs (ED 72), or a form of 'Reduced Disclosure Requirements' (ED 74, retaining IFRS recognition and measurement requirements but with less disclosures).
The MASB's Request for Views seeks constituent feedback on:
- Whether the existing PERS should be replaced by ED 52, ED 72 or ED 74
- Whether there are any immediate changes that the PERS framework requires if private entities continue applying it until the new standards are in place
- Whether the proposed timeframe is sufficient to enable a private entity to properly transition to the new financial reporting requirements.
Click for MASB press release (link to MASB website).