Reference is made hereto the newly implemented Malaysia Private Entity Reporting Standard (“MPERS”) which took effect from 1st January 2016.
The newly implemented standards shall be adopted by all Private Entities in presenting their financial statements for all financial year or period beginning on or after 1st January 2016.
“Private entity” refers to all business entities except the following:-
- a public company (i.e. Berhad) not listed in the Stock Exchange;
- a public listed company; or
- a company using Malaysian Financial Reporting Standards (“MFRS”).
SECTION 11 – BASIC FINANCIAL INSTRUMENTS
An entity shall measure the financial asset or financial liability (i.e. trade receivables, other receivables, trade payables and other payables) owing for more than 1 year by discounted present value method.
SECTION 13 – INVENTORIES
An entity shall measure inventories at the lower of cost and estimated selling less the estimated cost of completion and the estimated costs necessary to make the sale.
Cost should include all costs of purchase (including taxes, transport, and handling and other costs incurred in bringing the inventories to their present location and condition).
An entity shall measure the cost of inventories by using the first-in, first-out (FIFO) or weighted average cost formula.
The last-in, first-out method (LIFO) is not permitted by this Standard
SECTION 16 – INVESTMENT PROPERTY
Investment property is property (land or a building, or part of a building, or both) held by the Company or by the lessee under a finance lease to earn rentals or for capital appreciation or both, instead of use in the production or supply of goods or services or for administrative purposes; or sale in the ordinary course of business.
If property is mixed use shall be separated between investment property and property, plant and equipment.
If the fair value of the investment property component cannot be measured reliably without undue cost or effort, the entire property shall be accounted for as property, plant and equipment in accordance with Section 17.
SECTION 17 – PROPERTY, PLANT & EQUIPMENT
An entity shall recognise the cost of an item of property, plant and equipment as an asset, and only if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.
This recognition principle is applied to all property, plant and equipment costs at the time they are incurred. These costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently to add to, replace part of, or service it.
An entity shall measure an item of property, plant and equipment after initial recognition at cost less any accumulated depreciation and any accumulated impairment losses. No revaluation model.
Land and buildings are separable assets, and an entity shall account for them separately, even when they are acquired together.
SECTION 18 – INTANGIBLES ASSETS OTHER THAN GOODWILL
An entity shall charge the aggregate amount of research and development expenditure as an expense. All internally generated intangible assets shall not be capitalised.
Amortisation begins when the intangible asset is available for use, if the entity is unable to estimate useful life, then use 10 years (i.e. cannot more than 10 years).
SECTION 20 – LEASES
Lease can be classified as operating lease or finance lease.
An entity shall use sum-of-digit method for calculation of hire purchase interest.
SECTION 23 – REVENUE
An entity shall disclose in accounting (i.e. Statement of Comprehensive Income) for revenue arising from the following transactions and events:
- Sales of goods
- Rendering of services
- Construction contracts
- Use of an entity’s assets by others (Interest, Royalties, Dividend received & etc)
SECTION 25 – BORROWING COSTS
An entity shall recognise all borrowing costs as an expense in profit or loss in the period in which they are incurred.
An entity shall charge out all borrowing costs that were capitalised in previous years. No capitalised of borrowing costs are allowed under Section 25.
SECTION 30 – FOREIGN CURRENCY TRANSLATION
Each entity shall identify its functional currency. An entity’s functional currency is the currency of the primary economic environment in which the entity operates e.g. a company in Malaysia can use USD, SGD, JPY as its functional currency. However, the financial statements shall be presented in RM as per Companies Act requirement.
At the end of each reporting period, an entity shall:
- translate foreign currency monetary items (eg receivables & loan) using the closing rate;
- translate non-monetary items (eg property, plant & equipment) that are measured in terms of historical cost in a foreign currency using the exchange rate at the date of the transaction; and
- income and expenses for each statement of comprehensive income shall be translated at exchange rates at the date of the transaction.
SECTION 33 – RELATED PARTY DISCLOSURES
An entity is required to include in its financial statements the disclosures necessary to draw attention to the possibility that its financial position and profit or loss have been affected by the existence of related parties and by transactions and outstanding balances with such parties.
For further understanding on MPERS, please visit here.
从2017年开始，所有2016年1月1日及以后的财务年度，其财务报表必须遵守马来西亚私营公司财务报告准则（MPERS）。
“私营机构”是指所有商业机构，除了以下：
- 未在证券交易所上市的公众公司 (i.e. Berhad);
- 上市公司; 或
- 公司现在使用马来西亚财务报告准则(“MFRS”)。
第11条文－基本金融工具
公司应把超过1年的金融工具以折现值法 (Discounted Present Value Method) 计算金融资产或金融负债，例如：
- 应收账款
- 其他应收账款
- 应付账款
- 其他应付账款
第13条文 – 库存
公司计算库存必须根据“成本”或“估计售价减去估计完工和出售的成本”以何者为低。
成本应包括所有采购的费用（包括税款，运输以及其他将库存迁移到当前位置和状况的费用）。
公司应采用“先入先出”（FIFO）或“加权平均法”（Weighted Average) 计算库存价值。
马来西亚私营公司财务报告准则（MPERS）不允许使用 “后进先出”（LIFO）的方法计算库存价值。
第16条文 – 投资资产
投资资产是指公司持有的土地，建筑物，部分建筑物，或者土地和建筑物，并以赚取租金或资本增值为目的。
此类资产不会用于以下目的：
- 生产；
- 供应货物或服务；
- 用于在行政用途；或
- 被用为买卖货品。
如果资产同时被用于以上两种目的，此资产应该被区分为投资资产和固定资产。
投资资产必须每年计算其公允价值（fair value)。如果公司无法在合理成本或有效益的情况下计算公允价值，公司可将此资产列为固定资产。
第17条文 – 固定资产
公司可以将资产列为固定资产，如果该资产的经济利益和成本能够有效及可靠的被估计。
固定资产的成本包括采购价格，自造成本，随后加建，更换零件，或提供维修服务的费用。
固定资产必须以成本减去累计折旧的方法呈报财务报表。
土地和建筑物必须分开地呈报在财务报表。
第18 条文 – 除了商誉以外的无形资产
公司应该将无形资产相关的内部研发费用列为营运费用（不是资产）。
公司必须折旧无形资产。如果公司无法估计其可使用寿命，公司应该以10年做为标准折旧率。
第20 条文 – 租赁
租赁可分为以营业租赁和融资租赁。
公司必须使用数字总和法（sum-of-digi） 来计算租赁利息。
第23 条文 – 营收
公司应该在财务报表中披露以下的事项：
- 商品
- 服务
- 建筑合约
- 及公司资产所衍生出的其它收入（包括：利息，特许权使用费，股息等）。
第25条文 – 借款利息及其他相关费用
借款利息及其他相关费用必须完全列为营运费用（不能成为公司资产的一部分）。
所有已往被资产法的利息，必须要列为营运费用。
第30条文 – 外币折算
每个公司应确定其“功能性货币”(functional currency)。此“功能性货币”就是公司主要的经商货币。 例如，马来西亚公司可以使用美元，新币，日元等作为其“功能性货币”。但是，根据公司法令，财务报表必须以马币（RM）为单位。
每个财务报表必须：
- 使用汇率收盘价来折算外币应收款项和外币贷款;
- 使用交易日期的汇率来折算非货币性资产（如固定资产）；
- 使用交易日期的汇率来折算外币收入和外币其他费用。
第33条文 – 关联交易
公司必须在财务报表中披露关联交易对其财务状况及损益的影响。
有关MPERS进一步的了解，请游览这里.