Malaysian Private Entities Reporting Standards (MPERS) is effective for financial statements beginning on or after 1 January 2016. Although MPERS is a replacement for PERS, a private entity may not ne

Malaysian Private Entities Reporting Standards (MPERS) is effective for financial statements

beginning on or after 1 January 2016. Although MPERS is a replacement for PERS, a private

entity may not necessarily adopt MPERS. Private entities have the option to apply in its entirety

either the MPERS or the Malaysian Financial Reporting Standards (MFRS).

Required:

Discuss the MPERS framework for the following items:

i. Income tax

ii. Financial instruments

(10 marks)