The Malaysian Accounting Standard Board (MASB) has issued the Malaysian Private Entities Reporting Standard (MPERS) for use by the private entities in Malaysia.
The following are the definition of the Private Entities as stated in Section 1 of MPERS:-
A private entity is a private company incorporated under the Companies Act 1965 that:
(a) is not itself required to prepare or lodge any financial statements under any law administered by the Securities Commission or the Bank Negara Malaysia; and
(b) 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 the Bank Negara Malaysia.
The meaning of:
(a) private company is as prescribed in section 15(1) of the Companies Act 1965.
(b) "subsidiary", "associate" and "jointly controlled" are as respectively defined and explained in MFRS 10 Consolidated Financial Statements or FRS 10 Consolidated Financial Statements, MFRS 128 Investments in Associates and Joint Ventures or FRS 128 Investments in Associates and Joint Ventures and MFRS 11 Joint Arrangements or FRS 11 Joint Arrangements.
All private entities shall apply the MPERS for financial statements with annual period beginning on or after 1 January 2016.
Source : MASB