MPERS Series No. 2

MPERS is a self-contained financial reporting standard that comes in 35 sections, which covers all the relevant areas for financial reporting by private entities in Malaysia.

The migration from current accounting practice to MPERS will impact business, systems and processes. Entities need to evaluate the implication of the change and plan for the change.

Based on a study conducted by Mr Tan Liong Tong which covered 38 topics in connection with MPERS, he found differences between PERS and MPERS in 29 out of 38 topics studied.

Thus, an understanding of MPERS and a thorough evaluation of the differences between the current accounting practice by an entity and MPERS is necessary.