MPERS vs MFRS : An overview of Accounting Standards in Malaysia

There are 2 types of accounting standards in Malaysia

1. MPERS : Malaysian Private Entities Reporting Standard

2. MFRS : Malaysian Financial Reporting Standards

Private Entities

Private entities shall comply with either:

1. Malaysian Private Entities Reporting Standard (MPERS) in their entirety for financial statements. or

2. Malaysian Financial Reporting Standards (MFRS) in their entirety.

A private entity is a private company as defined in section 2 of the Companies Act 2016 that –

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

2. 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 Malaysia or Bank Negara Malaysia.

Notwithstanding the above, a private company that is itself, or is a subsidiary or associate of, or jointly controlled by, an entity that is a management company as defined in section 2 of the Interest Schemes Act 2016 is not a private entity.

MPERS vs MFRS

More to come in coming days the comparison MPERS and MFRS

Visit Us

• Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

• Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

• Website www.ktp.com.my

• Instagram https://bit.ly/3jZuZuI

• Linkedin https://bit.ly/3sapf4l

• Telegram http://bit.ly/3ptmlpn

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

• Website www.thks.com.my

• Facebook https://bit.ly/3nQ98rs

KTP Lifestyle

An internal community for our colleagues on work and leisure.

• Tiktok http://bit.ly/3u9LR6Q

• Youtube http://bit.ly/3ppmjyE

• Facebook http://bit.ly/3ateoMz

• Instagram https://bit.ly/3jZpKLo

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

• Instagram https://bit.ly/3u2PxHg

• Facebook http://bit.ly/3rPxz9o

#Ktp #Thks