QUESTION 2 The Malaysian Private Entities Reporting Standards (MPERS) issued by Malaysian Accounting Standards Board (MASB)...

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QUESTION 2 The Malaysian Private Entities Reporting Standards (MPERS) issued by Malaysian Accounting Standards Board (MASB) is applicable to private entities in Malaysia. However, private entities shall comply either MPERS or Malaysian Financial Reporting Standards (MFRS) in preparation of its financial statements. The objective of financial statements of private entity is to provide information about the financial position, performance and cash flows of the entity that is useful for economic decision-making by a broad range of users. Required: a) Discuss briefly FIVE (5) qualitative characteristics of information in financial statements according to MPERS. (5 marks) b) List FIVE (5) examples of debt instruments that satisfy the conditions of financial instruments as basic financial instruments in accordance with MPERS. c) Discuss the measurement of deferred tax in accordance with MPERS. (5 marks) (10 marks) (Total: 20 marks) QUESTION 2 The Malaysian Private Entities Reporting Standards (MPERS) issued by Malaysian Accounting Standards Board (MASB) is applicable to private entities in Malaysia. However, private entities shall comply either MPERS or Malaysian Financial Reporting Standards (MFRS) in preparation of its financial statements. The objective of financial statements of private entity is to provide information about the financial position, performance and cash flows of the entity that is useful for economic decision-making by a broad range of users. Required: a) Discuss briefly FIVE (5) qualitative characteristics of information in financial statements according to MPERS. (5 marks) b) List FIVE (5) examples of debt instruments that satisfy the conditions of financial instruments as basic financial instruments in accordance with MPERS. c) Discuss the measurement of deferred tax in accordance with MPERS. (5 marks) (10 marks) (Total: 20 marks)