Malaysian Private Entities Reporting Standard (MPERS)

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.

Malaysian accounting board on track to meet IFRS deadline

MASB is on track to meet the 1 January 2012 deadline for local accounting standards converge with the International Fiancial Report Standard.


More of the key IFRS standards have been adopted by MASB except IAS 39 is 1 January 2010 & IAS 41 should be adopted by 1 January 2012.

With the convergence, Malaysia's financial  reporting standards in next few year will be in line with IFRS, both in content and timing of implementation.
Extract from Business Times

MASB issues 4 amendments to FRSs, 1 technical release, 1 statement of principle and withdraws 1 FRS (15 September 2009)

On 15 September 2009, the Malaysian Accounting Standards Board (MASB) announced the issuance of amendments to the following Financial Reporting Standards (FRSs):



• FRS 101 Presentation of Financial Statements
• Amendments to FRS 132 Financial Instruments: Presentation
• Amendments to FRS 139 Financial Instruments: Recognition and Measurement, FRS 7 Financial Instruments: Disclosures and IC Interpretation 9 Reassessment of Embedded Derivatives
• Amendments to FRSs contained in the document entitled “Improvements to FRSs (2009)”


The revised Standard is effective for annual periods beginning on or after 1 January 2010.
MASB also issues 2 technical documents from the Islamic Perspective are:-

Malaysia’s Convergence with IFRS in 2012

Effective from 1 Jan 2012, all Malaysia companies have to full compliance with IFRS, however the Private entities not affected & will continue to comply with PERS.

The more awaiting standard FRS 139 will be effective in 1 Jan 2010. 

FRS 139 was issued in 2006 and the effective date was deferred in view of the feedback that entities were not ready to comply with FRS 139. We have discussed with the stakeholders and believe that 2010 would give entities fair preparation time.

Entities are not allow to deferred to comply the standards, as entities are currently given more than 3 years of advanced notice on the convergence plan and hence, should have ample time to put in place the necessary resources to ensure they are ready for the changeover in 2012.   

So ensure we all are prepare for this new challenge..