MPERS and SMEs Financial Reporting Conference 2022: Elevating SME Financial Reporting to Global Standards

June 17, 2022
3 minutes read
MPERS and SMEs Financial Reporting Conference 2022: Elevating SME Financial Reporting to Global Standards

Small & Medium Enterprises (SMEs) comprise a major segment of the Malaysian economy. Therefore, enhancing financial reporting compliance among SMEs is critical in order to attract investors and business, and to heighten regulation and good governance in the public interest.

To elevate financial reporting compliance, we must first upgrade technical competencies by improving the application of Malaysian Private Entities Reporting Standards (MPERS) among SMEs.

This 1-day virtual Conference is specially designed to upskill SMEs on MPERS and bridge existing gaps. The Conference will provide a comprehensive overview of key MPERS sections and an in-depth understanding and interpretation of their principles. Participants will also benefit from practical guidance on the application of MPERS for SMEs’ financial reporting, especially the accounting concepts and treatments that may be unfamiliar to preparers and auditors.

The following are the sessions scheduled for the Conference which will be held on 28 June 2022:

MAJOR DIFFERENCES AND POSSIBLE ALIGNMENT BETWEEN MPERS AND MFRS – Conveys the big picture on MPERS by discussing the likely changes to the MPERS framework and identifying the major differences and possible alignment between MPERS and MFRS.

RECOGNITION AND MEASUREMENT OF FINANCIAL INSTRUMENTS: MPERS SECTION 11 AND SECTION 12 – Get insights into Section 11 for basic financial instruments and Section 12 for other financial instrument issues, with an option for private entities to apply the recognition and measurement requirements of MFRS 9.

MPERS SECTION 14 AND SECTION 15: INVESTMENT IN ASSOCIATES AND JOINT VENTURES – Covers MPERS Section 14 and Section 15 with a focus on financial statements presentation.

CASE STUDY: ACCOUNTING FOR LEASES – SECTION 20 MPERS AND MFRS 16 LEASES – Provides a comprehensive review and discussion on MFRS 16, as well as the accounting for leases for private companies based on Section 20 MPERS.

MPERS SECTION 23 AND MFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS – Focuses on MFRS 15 revenue recognition issues in practice and discusses the key principles of recognition and measurement of revenue prescribed in MPERS under Section 23.

MPERS SECTION 27: IMPAIRMENT OF ASSETS – Discusses the implementation challenges of Section 27, which relates to impairment or a drastic reduction in the recoverable value of a fixed asset when the carrying amount of an asset exceeds its recoverable amount.

TRANSITION TO MPERS – SECTION 35This session discusses key transitional provisions provided under Section 35 of MPERS, as transition challenges are a primary concern for those adopting MPERS for SMEs’ financial reporting.

For more information on the Conference, please click here.

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