The Malaysian Financial Reporting Standards (MFRS)

01Accounting Standards Malaysia

There are three types of approved accounting standards here in Malaysia:

• The Malaysian Financial Reporting Standards (MFRS) – This is the MASB approved accounting standards for entities, but this does not include private entities
• Private Entity Reporting Standards (PERS) – This is the MASB approved accounting standards for all private entities. However, this has been withdrawn effective 1 January 2016.
• Malaysian Private Entities Reporting Standards (MPERS) – This replaces the previous PERS and is in effect from 1 January 2016.

MFRS

Entities Other Than Private Entities shall apply the MFRS framework for annual periods beginning on or after 1 January 2012, with the exception of entities that are permitted in the alternative to apply the Financial Reporting Standards (FRS) framework.

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 numbering of the MFRS corresponds with the equivalent IFRS Standard issued by the IASB. MFRS prefix with “1xx” corresponds with the equivalent IAS.

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