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).
Discuss the MPERS framework for the following items:
i. Income tax
ii. Financial instruments