PAF3043: The introduction of the Malaysian Private Entities Reporting Standard (MPERS) in January 2016 is timely and vital: Financial Accounting Assignment, UPSI, Malaysia


Universiti Pendidikan Sultan Idris (UPSI)

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PAF3043: Financial accounting

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The introduction of the Malaysian Private Entities Reporting Standard (MPERS) in January 2016 is timely and vital. MPERS gives increasing prominence to local private entities and small and medium-sized enterprises (SMEs) in the regional and global markets. In other words, MPERS is to prepare local private companies for globalization as well as the challenges that come with it.

Thus, the objective of a Malaysian Private Entities Reporting Standard (MPERS) is to provide information about the entity’s financial position, performance, and cash flows that is useful for economic decision-making by a wide range of users who are unable to request reports tailored to their specific information needs. In preparing the financial position, MPERS adoption will be represented by presentation and disclosure, going concerned, and consistency.


  1. Explain the application of going concern principles in the presentation of financial statements in accordance with MPERS requirements stated in MPERS Sections 3.8 and 3.9.
  2. Briefly explain the recognition of financial assets and liabilities (with two examples each) in accordance with MPERS requirements.
  3. Computation of cost or value for assets and liabilities may be different between accounting computation and tax authority computation which may derive to temporary or permanent differences. Temporary differences are differences between the carrying amount of an asset or liability in the statement of financial position and its tax base.
  4. Illustrate five (5) examples of situations in which temporary differences may arise in accordance with MPERS.

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