MPERS - MASB Approved Accounting Standards for Private Entities

Private entities shall comply with either:

Malaysian Private Entities Reporting Standard (MPERS) in their entirety for financial statements with annual periods beginning on or after 1 January 2016; or Private Entity Reporting Standards (PERS) in their entirety for financial statements with annual periods beginning before 1 January 2016; or  Malaysian Financial Reporting Standards (MFRS) in their entirety.

A Private Entity that has in the alternative applied FRSs as its financial reporting framework shall disclose when it will first present financial statements in accordance with the MFRS Framework or the Malaysian Private Entity Reporting Standard (MPERS).

The entity shall not revert to apply FRSs if it has adopted the MFRS Framework or the MPERS even if it meets the criteria to do so (see Notice of Issuance dated 28 October 2015)

Private entities that have applied FRSs shall apply either MFRS or the MPERS for annual periods beginning on or after 1 January 2018.

Note: Definition of a Private Entity

A private entity is a private company incorporated under the Companies Act 1965, that:

- is not itself required to prepare or lodge any financial statements under any law administered by the Securities Commission or Bank Negara Malaysia; and

- is not a subsidiary or associate of, or jointly controlled by, an entity which is required to prepare or lodge any financial statements under any law administered by the Securities Commission or Bank Negara Malaysia