Our Guides to financial statements acts as a starting point to guide entities in Malaysia to understand the disclosure requirements towards preparing annual financial statements.

While our Illustrative Financial Statements are up to date at the time of issuance, MFRS, MPERS, and their interpretations changes over time. Accordingly, our Illustrative Financial Statements should not be used as a substitute for referring to the standards and interpretations themselves, particularly when a specific requirement is not addressed in the Illustrative Financial Statements or when there is uncertainty regarding the correct interpretations of the MFRS or MPERS.

There 3 different guides we have are as follows:

Wonderful Malaysia Berhad - KPMG PLT’s Illustrative Financial Statements for financial statements prepared in accordance with MFRS Accounting Standards ("MFRS") and reflects the latest amendments to the disclosure requirements for annual financial statements.

Wonderful Lite Sdn Bhd - KPMG PLT's Illustrative Financial Statements for financial statements prepared in accordance with MFRS where the reporting entity applies MFRS 19, Subsidiaries without Public Accountability: Disclosures.

Wonderful SME Sdn Bhd - KPMG PLT's Illustrative Financial Statements for first-time adopters of the Malaysian Private Entities Reporting Standard ("MPERS").

This publication incorporates the disclosure requirements arising from the adoption of Amendments to MFRS 101, Presentation of Financial Statements - Disclosure of Accounting Policies which is effective since 1 January 2023. This guide also illustrates the possible scenario of disclosing material accounting policy information.

The primary focus of this edition is the key transition implications for first-time adopters in preparation of their first MPERS financial statements.

The primary focus of this edition revolves around the early adoption of MFRS 19 which will be effective on or after 1 January 2027. This Illustrative Financial Statements illustrates the possible scenario of reduced disclosures for an eligible subsidiary.