Malaysia adopts framework for SMEs
27 Oct 2015
The Malaysian Accounting Standards Board (MASB) has launched its financial reporting framework for private entities, Malaysian Private Entities Reporting Standards (MPERS).
The guidance in MPERS is similar to the IASB’s IFRS for SMEs except for the requirements for property development activities. In February 2014, an earlier version of the MPERS had been published with required adoption from 1 January 2016. However, in May 2015 the IASB published amendments to the IFRS for SMEs. Therefore, the MASB has now also developed corresponding amendments for the MPERS. Given the short time span remaining until January 2016, private enterprises in Malysia can adopt the MPERS and the amendments in two phases: application of the 2014 version of the MPERS remains mandatory for reporting periods beginning on or after 1 January 2016; the amendments published today may be adopted at the same time, however, their adoption is not mandatory until 1 January 2017.
For more information, see the press release on the MPERS launch and the press release on the amendments on the MASB’s website.
