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The MASB develops and publishes a separate Standard i.e. Malaysian Private Entities Reporting Standard (MPERS) to be applied to the general purpose financial statements of private entities. This standard is effective on or after 1 January 2016. However private entities have the option to apply in its entirety either the MPERS or the Malaysian Financial Reporting Standards (MFRS).
Required:
Problem a) Define the term private entities according to the MPERS.
Problem b) Determine the basic financial instruments that shall be accounted for under MPERS.
Problem c) Discuss the MPERS framework for Income tax
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