Month: February 2016

SSM Offers Incentive of up to 80% for Compounds

SSM Offers Incentive of up to 80% for Compounds

SSM Offers Incentive of up to 80% for Compounds

boardroomsuperadmin

SSM has announced a discount of up to 80% reduction on compounds in relation to offences for non-compliance with sections 143, 165 and 169 of the Companies Act 1965.

Payment PeriodReduction Rate*
9 to 30 September 201580%
1 to 31 October 201570%
1 to 30 November 201560%
1 to 31 December 201550%

* The reduced fee is based on the original compound amount and is subject to the terms and conditions.

Payments can be made at any SSM counters nationwide.

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Malaysian Private Entities Reporting Standard (“MPERS”) with effect from 1 January 2016

Malaysian Private Entities Reporting Standard (“MPERS”) with effect from 1 January 2016

Malaysian Private Entities Reporting Standard (“MPERS”) with effect from 1 January 2016

boardroomsuperadmin

The Malaysian Accounting Standards Board (“MASB”) had announced on 14 February 2014 that the current Private Entity Reporting Standards (“PERS”) would be replaced with the Malaysian Private Entities Reporting Standard (“MPERS’), for financial statements beginning on or after 1 January 2016. Early adoption recommended. Although MPERS is a replacement for PERS, a private entity may not necessarily adopt MPERS. In fact, private entities have the option to apply in its entirety either the MPERS or the Malaysian Financial Reporting Standards (“MFRS”).

With both options available, it is therefore necessary to evaluate and decide on the most appropriate framework, to best suit your company’s business before end of this year. Private entities are advised to evaluate the pros and cons of the respective accounting frameworks before making any decision.

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