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Answer: Malaysia has its own accounting standards (FRS) in accordance with IFRS. Malaysian companies listed on the stock exchange are required to prepare financial statements based on FRS. However, foreign companies listed on the stock exchange are allowed to prepare financial statements based on IFRS. For SME (Small Medium Entity) also applying MPERS (Malaysian Private Entities Reporting Standard). The MPERS is a self-contained Standard that is applicable only to private entities. The accounting requirements of the MPERS are word-for-word the IFRS for SMEs (International Financial Reporting Standards for Small and Medium-sized Entities) issued by the IASB except for the requirements on Property Development Activities (Section 34 Specialised Activities). Small SMEs which applied MPERS is emphasising on cost saving and it is less compliance cost involved compared to MFRS. Meanwhile, it is for those small SMEs that do not plan to go for IPO in the foreseeable future.