The Malaysian Financial Reporting Standards (MFRS)

Overview of FRS

MFRS/ IFRS

The Malaysian Financial Reporting Standards (MFRS) framework was introduced by the Malaysian Accounting Standards Board (MASB) and came into effect on 1 January 2012.

It is fully compliant with the International Financial Reporting Standards (IFRS) framework, which enhances the credibility and transparency of financial reporting in Malaysia.

The adoption of the MFRS framework was a significant milestone for the capital market. Entities can now assert that their financial statements are in full compliance with the IFRS.

MPERS

The MPERS is a self-contained Standard that is applicable only to private entities. The accounting requirements of the MPERS are word-for-word the IFRS for SMEs (International Financial Reporting Standards for Small and Medium-sized Entities) issued by the IASB except for the requirements on Property Development Activities (Section 34 Specialised Activities).

In short, it is an internationally regulated standard for SMEs and a relief from MFRS/ IFRS complex and extensive disclosure requirements.

MPSAS

The International Public Sector Accounting Standards Board® (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS®, international accrual-based accounting standards, for use by governments and other public sector entities around the world.

In Malaysia, it’s MPSAS. If you are a government related agency that require financial reporting to be in compliance with MPSAS/ IPSAS, we are here at your service to ensure compliance on certain complex requirement of the standard.