July 29, 2025

INTRODUCTION
The Malaysian Accounting Standards Board (“MASB”) has, on 14 February 2014, issued a new financial reporting framework for private entities, namely the Malaysian Private Entities Reporting Standard (“MPERS”). All private entities shall apply the MPERS for its financial statements with reporting periods beginning on or after 1 January 2016. An earlier application is permitted. Private entities are those non-public interest entities, such as non-listed companies. The MPERS is closely aligned with IFRS for SMEs issued by the International Accounting Standards Board (“IASB”) in July 2009. The 2015 Amendments were effective for its financial statements with reporting periods beginning on or after 1 January 2017.