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).