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

QUESTION 

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.

Answer

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