Malaysian Accounting Standards Board (MASB)
MASB is the accounting standard setter authority in Malaysia. See more in the link below:
Link to Malaysian Accounting Standards Board. Click here.
MASB Approved Accounting Standards for Entities other than Private Entities
Entities Other Than Private Entities shall apply the MFRS framework for annual periods beginning on or after 1 January 2012. However, entities that have in the alternative chosen to apply FRSs shall comply with MFRSs for annual periods beginning on or after 1 January 2017. Early application of the MFRS framework is permitted. See more in the link below:
Link to approved accounting standard for entities other than private entities. Click here.
MASB Approved Accounting Standards for Private Entities
A private entity, a private company, incorporated under the Companies Act 1965, that is not itself required to prepare or lodge any financial statements under any law administered by the Securities Commission or the Bank Negara Malaysia; and is not a subsidiary or associate of, or jointly controlled by, an entity which is required to prepare or lodge any financial statements under any law administered by the Securities Commission or the Bank Negara Malaysia (see definition of “subsidiary”, “associate” and “jointly controlled” in, may either comply with the Private Entity Reporting Standards (PERS) in their entirety for financial statements with annual periods beginning before 1 January 2016; or the Malaysian Private Entities Reporting Standard (MPERS) in their entirety for financial statements with annual periods beginning on or after 1 January 2016; or the Malaysian Financial Reporting Standards (MFRS) in their entirety. See more in the link below:
Link to approved accounting standard for private entities. Click here.