Category: Accounting

How the Accounts Payable Process Works: A Comprehensive Guide

How the Accounts Payable Process Works A Comprehensive Guide

How the Accounts Payable Process Works: A Comprehensive Guide

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The accounts payable process is a critical aspect of every business. It ensures invoices are paid on time to maintain healthy cash flow management for corporate financial stability, improve operational efficiency, and foster strong relationships with vendors and suppliers while complying with relevant regulations.

In this guide, we’ll explore the definition and role of accounts payable in Malaysia, its process, and why it is important to consider outsourcing it to an accounting firm.

What Is Accounts Payable? What Is Its Role in Accounting?

Accounts payable refers to the management of short-term obligations that a business owes to its suppliers or vendors for goods or services received on credit. In simpler terms, this is a record of all invoices that have been issued but not yet paid. It is a common practice for companies in Malaysia to have a dedicated department responsible for managing such obligations or outsource to an accounting services provider.

The accounts payable process encompasses several critical functions in the accounting process and plays an important role in business operations. It involves receiving, verifying, and making payment for invoices accurately and on time, ensuring the payments adhere to the company’s policies. This prevents potential late fees, maintains strong vendor relationship, and helps avoid financial disruptions for the company. Strategic timing of payments for invoices also enables businesses to retain cash longer and improve liquidity, contributing to their overall financial stability.

How Does the Accounts Payable Process Generally Work?

Generally, when the accounts payable process is handled in-house in Malaysia, several key steps must be taken:

  • Purchase Order (PO): A purchase order is submitted by a particular department of the company to procure the services or goods from the vendor.
  • Receiving the Goods or Services: Upon receiving the goods or services from the vendor, the company verifies whether they match the PO. If accurate, a goods received note (GRN) will be sent to the vendor.
  • Invoice Receipt: The vendor submits the invoice, which details the amount owed and due date, to the accounts payable department of the company.
  • Three-way matching: The accounts payable department compares the invoice against the PO and GRN to verify that there’s no discrepancy between these three documents, particularly in terms of the items or services received, quantities, and prices.
  • Approval Process: Upon verification, the invoice is sent for approval to initiate the payment process. The payment method can be an electronic transfer, check, or other means.
  • Record keeping: After the payment is finalised and processed, the data and details are input into the accounting system for tracking.
  • Accounts Payable Reconciliation: The accounts payable department regularly reviews and examines any outstanding invoices and payment records against the statements from vendors and suppliers to ensure the overall accuracy of the balance.
Accounts Payable Approval Process

How Does the Accounts Payable Process Work When Outsourced to an Accounting Firm?

Many companies outsource the accounts payable process to accounting firms in Malaysia. These service providers often consist of a team of experts with specialised resources and technologies to streamline the entire process for improved efficiency and ensure the practice is in compliance with relevant Malaysian regulations. Businesses can focus on their core operations without allocating extra costs to manage an in-house team, making outsourcing an ideal and cost-effective strategic choice.

Unlike how a company’s in-house team typically manages the accounts payable process, outsourced accounting firms or service providers operate differently with the following steps.

Initial Setup and Integration

Outsourced accounting firms generally start by conducting an initial assessment to learn about the needs of the company, such as the systems and processes required to handle the accounts payable functions. A new software may be implemented or integrated with existing systems to enable a streamlined accounts payable process.

Receipt, Processing, Matching, and Validation of Invoices

Handing the whole process from receipt, processing and matching to validating the invoices, the outsourced accounting firm typically utilises software throughout this step. Professional accounting firms like BoardRoom ultilises Optical Character Recognition (OCR) technology, where physical or digital invoice documents are scanned and converted into machine-readable data, automating the extraction of details like invoice numbers, amounts, dates, and vendor information. This significantly reduces manual data entry errors and speeds up the three-way matching process, improving efficiency and accuracy.

Workflow Management and Payment Approval

If no discrepancy is found or fraud risk is detected, the accounting firm route the invoice to the designated approvers based on predetermined thresholds and notify them for approval. Once approved, the accounting firm will start issuing payment vouchers, preparing cheques or initiating online payment to process the payment, ensuring timely remittance to the supplier.

Payment Documentation, Reporting, and Reconciliation

The accounting firm will document all payments made and record them in the client’s accounting system, which enables them to generate detailed reports and reconcile payments with bank statements. This is essential for maintaining accurate corporate financial records and supporting audits.

Consideration When Switching to Outsourced Accounting Provider

Consideration When Switching to Outsourced Accounting Provider

While an accounting firm can offer expertise and resources to ensure a smoother operation, businesses need to consider several crucial factors before outsourcing their accounts payable process to them:

  • Ongoing Evaluation and Optimisation: The accounting firm should be able to continuously evaluate and optimise the accounts payable process to improve efficiency and reduce costs.
  • Technology and Software: The firm should have access to advanced technology and software solutions that can streamline the accounts payable process and the approval workflow.
  • Accuracy and Compliance: The firm should have a strong track record of accuracy and compliance with relevant regulations.
  • Scalability: The firm should be able to scale its services to meet the changing needs of the business.
  • Security: The firm should have robust security measures in place to protect sensitive financial information.
  • Track Record: The firm should have a proven track record of success in providing accounts payable services.

Why Choose BoardRoom for Your Accounts Payable Needs?

As the leading provider of outsourced accounting services in Malaysia,BoardRoom can help you streamline your accounts payable process, improve efficiency, and reduce costs. Our experienced team of professional chartered accountants combines expertise with advanced technology to handle your accounts payable needs effectively. By partnering with BoardRoom, you can focus on your core business while we take care of your accounts payable. Contact us today for an assessment, and let us guide you through every step with our tailored solution.

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Should my company consider using outsourced accounting and bookkeeping services?

Should my company consider using outsourced accounting and bookkeeping services?

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Bookkeeping and accounting are essential functions of any business, but they can be time-consuming and complex as your business expands and you spend more time on revenue-generating activities. Depending on the country and industry that your business operates in, companies are required to comply with the approved accounting standards. In Malaysia, companies are required to prepare financial statements that comply with standards established by the Malaysian Accounting Standards Board (MASB).

Why outsource accounting services?

When selecting an outsourced accounting and bookkeeping services provider, one with vast experience, regional presence, and network is especially beneficial as it has in-depth knowledge of local business environments throughout the region. It can help you consolidate multinational taxes and manage cross-border accounting to ensure strong financial compliance and reporting, reduce your risk, and enhance your efficiency.

In this article, we’ll take a look at the top 5 reasons why companies should use an outsourced why outsourced services are becoming an increasing trend, according to the Global Finance And Accounting Business Process Outsourcing Market Report, 2023 published by Research and Markets.

1. Reduce cost and save time

With bookkeeping and accounting done in-house, companies are faced with situations of employee resignations, which results in the time and cost required to train new staff. When employees leave a company, they also take with them a wealth of knowledge and insights. This loss can have a significant impact on your business’s operations, productivity, and continuity. But by entrusting these services to an outsourcing partner, you can safeguard against such knowledge gaps and ensure undisrupted and seamless operations.

By utilising outsourced bookkeeping and accounting services with a monthly fee, companies gain access to a team of experienced accountants who can provide services such as monthly bookkeeping, invoicing, accounts payable management, financial statement preparation, and cash flow forecasting. With these operational tasks taken care of by the vendor, companies can then focus on their core competencies and growth.

Reduce cost and saves time

2. Stay compliant with accounting standards

Not staying compliant with local rules and regulations can be costly in terms of financial penalties, not to mention the time spent on dealing with the auditors and regulators. As your company expands its scale across multiple regions and countries, the tediousness and complexity of keeping up with the paperwork for accounting and tax reporting intensifies. In order to avoid any blunders, a proficient accounting firm that is well-versed in both local and international accounting frameworks and financial reporting standards like GAAP and IFRS can be the perfect companion to assure you of legal compliance.

3. Foster international business growth

Companies exist for a reason – to grow. An outsourced accounting services provider can be an invaluable business partner on your growth journey. They can provide detailed advice and accurate data at any time so you can make timely strategic business decisions.

For large businesses, an outsourced accounting partner can also help to establish internal accounting controls at your headquarters and roll these out within other branches. Having consistent internal controls in place across your regional locations means you can easily generate accurate group-wide data at any time of the year.

As your business grows and expands regionally or globally, your accounting operations may become increasingly sophisticated and complex, suddenly requiring a higher number of staff and specialists to execute. Outsourced accounting services can adapt to this immediate change, so you can forgo the process of hiring an extra workforce and organising additional training.

Fosters International business growth

4. Maximise tax benefits and tax deduction

Companies may be unaware of tax exemptions that they can benefit from, especially with the many changes and incentives announced during Malaysia’s annual budget each year. There are many types of taxes that MNCs and small business owners should be aware of, such as Malaysia Corporate Tax, Digital Tax, Stamp Duty, Sales and Service Tax (SST), and Withholding Tax.

Eligibility for deductions for the different taxes can be difficult to grasp due to the complexity of the requirements. The intricacies of numerous tax treaties may also be difficult to comprehend, resulting in unnecessary double taxation. An experienced outsourced accounting service provider can help you prevent such occurrences and take advantage of the appropriate tax benefits. This enables your company to maximise profits while ensuring tax compliance with accurate tax filing and advisory services. This also reduces the risk of an audit by tax authorities.

5. Move to digitalisation – Cloud accounting software solutions

The emergence of digital transformation has unlocked endless opportunities to turn data into actionable insights, but it has also left businesses struggling to maintain the skills necessary to achieve success in this new era.

An outsourced accounting services vendor with expertise in cloud accounting software like Xero can help free up finance professionals’ time so they can pursue strategic business goals. Besides the convenience of accessing data in real-time anytime and anywhere, cloud accounting has gained popularity due to its low cost, which eliminates the need for expensive on-premises software installations. Instead, with a SaaS model, companies only pay for the resources they use, allowing for scalability as their needs evolve.

Cloud accounting providers also have robust security measures in place to protect sensitive financial information from unauthorised access, loss, or hardware failure. This ensures a higher level of security protection compared to traditional on-premises solutions.

Move to digitalisation – Cloud accounting software solutions

6. Reduce manual errors and financial risks

The cloud accounting software provided by the outsourced services vendors often possesses automated systems and built-in features, which can easily reduce the occurrence of errors commonly experienced in multiple accounting tasks, such as manual data entry, tax calculations, transaction recording and financial statement preparations.

A dedicated and trained team will be assigned to operate this advanced accounting software, fully utilising it to give you a comprehensive view of your financial data for better analysis and insights, significantly minimising your financial risks.

Choosing the right accounting and bookkeeping services provider for your business

A full-service accounting and bookkeeping firm goes beyond transactional processing. It should be able to take over all aspects of your accounting and bookkeeping, from your accounts receivable (AR) and accounts payable (AP) to your general ledger and financial reporting. An experienced outsourced services provider will be able to quickly and easily identify effective solutions for any accountancy challenges and ensure that your company has followed all the correct audit protocols. They will also be able to provide business support in other additional areas, such as cash flow management, to help your company reach its goals.

No matter where your business is on the growth journey, by partnering with an expert accounting service provider, you can save time and money, access immediate expertise, ensure compliance, and, ultimately, improve your business performance.

BoardRoom’s world-class accounting and tax services can help you reach your business objectives and maintain a competitive edge. And don’t just take our word for it – see what our clients say about our service!

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Streamline business growth by transitioning to outsourced accounting services in Malaysia

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Streamline business growth by transitioning to outsourced accounting services in Malaysia

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If you have ambitions to expand throughout the Asia-Pacific region (APAC), outsourced accounting services can help your firm grow smoothly in a challenging economic climate.

Business owners sometimes feel intimidated by the thought of working with an outside team because of the complexity of the accounting function. So, can accounting be outsourced? This article covers how outsourcing supports an intelligent business model and what you can do to make the transition go smoothly.

Why outsource accounting?

APAC firms are increasingly choosing to outsource accounting services because of the many benefits they offer. According to a 2020 global study, over half of finance and accounting professionals are considering outsourcing additional tasks.

There are three primary reasons for this trend.

1. Access to knowledge and expertise

Firstly, outsourcing makes it possible to hire experts with high levels of specialised knowledge and experience – professionals that are sometimes difficult to find through traditional hiring processes.

According to Yang Shuzhen, Accounting Director at BoardRoom, “Often, companies outsource because they’re looking for specialists who can improve their processes.”

The typical daily responsibilities of operational teams and supervisors are intensive and leave little time to objectively analyse procedures and spot improvement areas. An external team can help in many areas, and this is one such area.

Shuzhen notes that many people returned to their home countries after the COVID pandemic. As such, many organisations need help finding the essential skills and experience required to fill positions due to the tight labour market this has caused.

2. Fast and trustworthy service

Secondly, accounting outsourcing offers immediate, effective assistance when the turnover rate for financial personnel is significant.

“A lot of financial professionals want to take a break or try a totally new industry,” says Shuzhen. “So people are leaving, and in many cases, businesses are not able to replace them quickly enough.”

Worker shortages and poor handovers can lead to transactions and procedures going awry. Thus, businesses encountering these difficulties will seek the assistance of an external firm with a pool of qualified, experienced accountants available to evaluate the problem and swiftly support with processing.

“They require experts who have the knowledge to guide them in the future in addition to taking over their accounting duties,” says Shuzhen. “Standard operating procedures and internal controls, which are essential for success, can be established with the aid of an external team.”

Fast and trustworthy service

3. Digital transformation support

The accounting sector is going through a period of significant change due to increased digital transformation, creating opportunities to turn data into valuable business insights. In addition to executing transactional activities, the finance department is now expected to advance strategic company goals. As a result, the required skill set for finance professionals is changing.

To fulfil finance’s new position as a strategic business partner, organisations must mix human and machine-based skills while also exhibiting the four characteristics of future-ready companies: analytical, adaptable, agile and anticipatory. This is according to a 2020 Deloitte study.

The technical know-how and data analytics capabilities necessary to accomplish this can be challenging to maintain internally. This is why many organisations turn to premium accounting firms as a solution.

The effects of the COVID-19 pandemic have pushed outsourcing demand even further. By 2026, it is predicted that the worldwide finance and accounting outsourcing market will be worth USD 53.4 billion by 2026. This is primarily because corporate services companies can meet the industry’s demand for efficient solutions and stability during difficult times.

Challenges associated with in-house accounting

Businesses in the APAC region are turning away from in-house accounting for two main reasons.

It can be labour-intensive

It takes time to find, train and manage a financial team, and it also takes time to expand the team as your company grows.

“A company that is fast growing will see a lot of resources going toward educating the staff, maintaining morale and ensuring the team is performing properly,” says Shuzhen. “This is crucial because timely reporting and accurate financial information help the company when stakeholders are making decisions.”

But resignations can be demanding on a team. Businesses may invest time in providing the new team with adequate handoff and training, but because there will be a learning curve, it is doubtful they will have the same immediate impact as the last team. Additionally, there is no assurance that the employees will be around for a long time.

Shuzhen says that “Deliverables may be impacted by frequent transitions and short handover times.”

It can be challenging to adapt to technological change

Internal teams are under pressure to embrace new accounting systems that are more complicated than conventional ones due to the digital advancements occurring throughout APAC.

Although this adaptability is crucial for sustained productivity, the Great Resignation’s workforce shortages mean that there is often not enough time to guarantee that new processes are properly implemented. As a result, the new software can become more of a burden than a benefit, adding to the delays and costs.

A skilled accounting partner can connect with software providers to guarantee that new systems are customised to suit your company. Thanks to their ability to plan a systematic and trouble-free implementation of the latest software, they can ensure that the most crucial fixes are performed first, saving you time and reducing costs.

Accounting outsourcing: here are the steps

We recommend taking the following actions for an easy transition to outsourced accounting services in Malaysia:

  1. Consider the challenges you are faced with and the problems you are hoping outsourcing can help you with.
  2. Analyse the available funding for accounting outsourcing.
  3. Make contact with a premium accounting services company. They will converse with you to understand your current situation, assist you in compiling all the relevant data and provide guidance on what to do next.
  4. Ask about the accounting software options the company offers to get the best solution for your company.

A capable provider will focus on the most important jobs first. Whether this means creating solutions for immediate problems or troubleshooting existing issues, your primary concerns will be addressed before moving on to the next steps. Once these issues are under control, they will collaborate with you to develop a comprehensive end-to-end accounting system that works for your company and offers you individualised support.

It is also important to think about who within your organisation would be the best to communicate with your supplier on a one-on-one basis to facilitate effective and seamless communication.

The essential factor is that the appointed person has excellent financial knowledge and can discuss financial topics in detail. The chosen individual might be a finance manager, CEO, firm owner or director. Additionally, it will guarantee that the merging solutions are specific to your needs.

Accounting outsourcing

Choosing the best provider for your company

Just as an in-house team would, your accounting services provider should seamlessly integrate with your company. Once we have gained a deep understanding of your issues, we can provide all of the benefits of an in-house team while removing all the disadvantages.

From your accounts receivable and payable to your general ledger and financial reporting, a full-service business can handle all facets of your accounting and bookkeeping. To assist your organisation in achieving its objectives, they will also be able to offer business support in other areas, such as cash flow management.

“At BoardRoom, our accounting service extends beyond transactional processing,” says Shuzhen. “Financial data can be valuable, and we utilise this data to the fullest extent when advising our customers.”

It is important to choose an experienced provider because they will be able to quickly and easily pinpoint workable solutions to any accounting problems you may be experiencing. Also, you will be able to trust that your business has adhered to all regulations the next time it is audited.

Accounting outsourcing pitfalls you need to avoid

Avoid postponing your decision if you are thinking about switching to accounting outsourcing. Businesses frequently waste resources trying to address accounting difficulties on their own when an external services provider could have stepped in much sooner and implemented solutions much faster.

Even a small organisation can have a build-up of financial problems and commitments. For this reason, involving an outside provider from the beginning is vital if you are establishing a new business or branch in a neighbouring country. They will ensure that the proper accounting procedures are in place from the start.

The more you wait to outsource, the more difficult and time-consuming it can be to manage your funds, potentially exposing your business to unnecessary risks.

What to avoid when outsourcing your accounting

The ways outsourcing can accelerate business growth

An accounting services provider can be a crucial business partner on your growth journey if your firm has expansion goals.

They will be able to help you by:

Giving you thorough guidance and reliable data at any time (so you can make timely decisions)
Creating reports for possible investors
Creating financial ratios so you can have timely conversations with banks

An accounting partner can assist with setting up internal accounting controls at your corporate headquarters and implementing them within the finance departments of other countries. You can quickly provide reliable group-wide statistics at any time of the year if you have similar internal controls in place throughout your regional sites.

Maintain compliance across multiple countries

Accounting partners also help businesses thrive by guaranteeing complete regulatory compliance, including creating and filing statutory reports.

Concerning your Malaysian requirements, they will ensure that all Malaysia Financial Reporting Standards are satisfied and SST returns are submitted on time. Different regulatory frameworks, some highly onerous and complicated, may also be present in other APAC areas. Therefore, having a provider that supports multiple regions is essential.

Begin your transition to outsourced accounting

No matter where you are in your expansion process, setting up your accounts is essential for guaranteeing a straightforward and successful course.

Please contact us to learn more about the premium accounting and bookkeeping services that BoardRoom offers, and our complementary payroll outsourcing and tax advisory services.

Contact BoardRoom for more information:

Yang Shu Zhen

Yang Shuzhen

Director, Regional Accounting

E: [email protected]

T: +60-3-7890 4800

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Mitigating Costs in an Economic Downturn

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Mitigating Costs in an Economic Downturn

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The onset of the COVID-19 pandemic along with efforts to contain it has plunged much of the global economy into a recession. In April, the International Monetary Fund’s World Economic Outlook (WEO) projects global growth to shrink by 3 per cent. However, its October publication amended the projection to 4.9 per cent. The impact of the pandemic will continue into 2021, where the WEO projects global growth to be at 5.4 per cent, which is 6.5 per cent lower than the pre-COVID-19 projections of January 2020.

Mitigating costs in an economic downturn-Growth projection

Looking forward, we can expect the recession to leave lasting scars despite the extraordinary efforts of governments worldwide to alleviate the situation through fiscal and monetary policy support.

During these unprecedented times, companies need to take affirmative action to mitigate risk amidst the economic downturn. Crafting recession strategies to retain or expand your customer base, learning to embark on affordable yet effective marketing or even taking this opportunity to review and better optimise business operations are all practical solutions businesses can explore. However, the immediate strategy for most companies would be to adopt cost-cutting measures.

In this article, we will share some of the most popular and effective measures companies can take to mitigate costs during an economic downturn.

Look to outsource

Outsourcing is when a company engages a third-party service provider to handle or manage a business function externally instead of choosing to manage the particular service in-house.

Of the numerous functions that exist in a company, payroll is perhaps the one that will offer the most significant benefit when outsourced during an economic downturn. By outsourcing payroll, your company can effectively improve its focus and expand its accessible talent pool, which are all essential to helping the company navigate through an economic recession. But most notably (and most beneficial during an economic downturn), outsourcing can reduce and control a company’s operating cost.

While the actual cost-savings of outsourcing HR and payroll services may vary between businesses, the most common areas where they could come from are:

  • Reduced payroll employees or headcounts
  • Elimination or change of existing payroll management software (often to something like a cloud-based payroll system that offers automation solution)
  • HR and payroll system updates
  • Employee training
  • Hefty penalties that are incurred when payroll mistakes happen

Outside of payroll, some of the most popular services that companies often outsource to mitigate and manage costs are accounting, administrative services (corporate secretary) and human resources.

Look to your accountants

During an economic downturn, it becomes imperative that you have experienced accountants to help you financially navigate through this challenging landscape. Beyond their capacity for keeping financial records, accountants can interpret them and provide you with a clear and succinct evaluation of the company’s current performance and financial position that could positively influence the outcome of any business decision during a recession.

Given their unique position and objectivity, a critical and core function of accountants on mitigating costs during an economic downturn is to uncover opportunities to eliminate unnecessary expenses and save costs. In areas where it is not possible to cut costs completely, your accountant can strategically advise on how payments can be deferred to maintain a healthy cash flow during difficult periods.

In addition to cutting cost, seasoned accountants can also analyse your business trends and provide effective forecasting. Such input is critical to helping you understand the changing performance of your business and assist with realigning projections, which can help you assess the viability of your current business plan and provide insights for new alternatives should the need arise.

Look at tax relief and economic stimulus packages

In an economic downturn, it is essential to monitor tax policy changes that can aid in providing financial relief for the company and improve cashflow. During such times, it is common for banks to begin cutting their interest rates while the government actively works to put forward spending and tax packages as well as offer administrative relief by extending tax-filing deadlines. Governments across the world might even introduce tax credits and tax cuts for companies that have experienced a significant drop in revenue.

Additionally, most governments would also roll out stimulus packages as part of their plan to spur their respective economies. However, it is worthwhile to note that in the long term, these governments intend to recoup the funds that were used to finance the stimulus packages and their plans could impact the bottom line of many businesses later. A likely course of action would be adjustments made to policies and tax rates, including but not limited to Corporate Taxes and the Sales and Service Tax (SST). Therefore, we strongly advise that businesses continually revise their tax plan in response to any possible policy changes to achieve greater savings and maximising any tax benefits.

As you embark on any tax planning efforts and find yourself lacking in experience or resources to do so adequately, it is a good idea to engage a professional. In doing so, you can ensure that your tax plan is continuously revised to strategically leverage every tax benefit, maximise tax deductions, and comply with the local tax regulation and statutory requirements.

Look at better managing your working capital

An economic downturn presents several working capital challenges for businesses across industries. To stay operational, companies must look for new ways to finance their working capital. According to the Hackett Group’s 2020 Working Capital Survey, organisations have focused on the availability of corporate debt as a source of working capital for too long. While this may be a common practice, it increases the company’s exposure to unavoidable risks, such as changing customer demands and disruption to the supply chain. During an economic downturn, these potential risks to your working capital could prove detrimental to the survival of the company.

Companies need to manage their working capital during an economic downturn effectively to mitigate cost through individual strategies that address their levels of debtors, creditors, procurement and inventory, and receivables process.

Mitigating cost and managing working capital in an economic downturn

Look at BoardRoom to help you through this crisis

During an economic downturn, when faced with numerous challenges, companies will naturally seek to hunker down and begin cost-cutting strategies. Such strategies are necessary, but it is also vital to note that even in crisis, there are opportunities. Companies will have to practice greater diligence and adapt to the changing landscape quickly through the adoption of forward-looking, growth-oriented plans that prepare the company for when the economy improves.

BoardRoom can help you through any recession period and prepare your business for the inevitable upturn. As a market leader in providing accounting, payroll and corporate services, our in-house team of dedicated experts can help to provide effective cost strategies regardless of your business size or needs. Our in-depth understanding and experience of economic trends will empower your business to discover and explore new opportunities.

Are you looking for a trusted partner and advisor as you weather this difficult time? We are here for you with your tax services needs. Contact our BoardRoom outsourcing experts here!

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Malaysian Business Reporting System (“MBRS”) Training Course

Malaysian Business Reporting System (“MBRS”) Training Course

Malaysian Business Reporting System (“MBRS”) Training Course

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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

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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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