MPERS vs MFRS Malaysia

MPERS vs MFRS Malaysia
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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

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