Tuesday, 18 February 2014

MASB issues a new framework and amends existing standards


The Malaysian Accounting Standards Board (Board) has today issued:
  • a new financial reporting framework for private entities, the Malaysian Private Entities Reporting Standard (MPERS); and
  • amendments to several standards for non-private entities. 
All private entities shall apply the MPERS for its financial statements beginning on or after 1 January 2016.
The MPERS is word-for-word the IFRS for SMEs issued by International Accounting Standards Board (IASB) in July 2009 except for the requirements on income tax and property development activities. To date, over 80 countries have adopted the IFRS for SMEs or announced plans to do so.
Amendments to standards for non-private entities
The amendments, which are word-for-word the International Financial Reporting Standards (IFRSs), are:
 Malaysian Financial Reporting Standards (MFRSs)
  • MFRS 9 Financial Instruments (Hedge Accounting and am.....

Friday, 14 February 2014

Personal Data Protection Act 2010

Personal Data Protection Act 2010

Gazetted on 10 June 2010 
Operative date 15 Nov 2013.

Registration ends on 15 February 2014

This Act applies to

 (a) any person who processes; and
 (b) any person who has control over or authorizes the processing of, 

any personal data in respect of commercial transactions.

 “personal data” means any information in respect of commercial transactions, which—

(a) is being processed wholly or partly by means of equipment operating automatically in response to instructions given for that purpose; 

(b) is recorded with the intention that it should wholly or partly be processed by means of such equipment; or

(c) is recorded as part of a relevant filing system or with the intention that it should form part of a relevant filing system, 

that relates directly or indirectly to a data subject, who is identified or identifiable from that information or from that and other information in the possession of a data user, including any sensitive personal data and expression of opinion about the data subject; but does not include any information that is processed for the purpose of a credit reporting business carried on by a credit reporting agency under the Credit Reporting Agencies Act 2010.

sensitive personal data” means any personal data consisting of information as to the physical or mental health or condition of a data subject, his political opinions, his religious beliefs or other beliefs of a similar nature, the commission or alleged commission by him of any offence or any other personal data as the Minister may determine by order published in the Gazette.

data user” means a person who either alone or jointly or in common with other persons processes any personal data or has control over or authorizes the processing of any personal data, but does not include a data processor.

data processor”, in relation to personal data, means any person, other than an employee of the data user, who processes the personal data solely on behalf of the data user, and does not process the personal data for any of his own purposes.

processing”, in relation to personal data, means collecting, recording, holding or storing the personal data or carrying out any operation or set of operations on the personal data, including:

(a) the organization, adaptation or alteration of personal data;
(b) the retrieval, consultation or use of personal data;
(c) the disclosure of personal data by transmission, transfer, dissemination or otherwise making available; or 
(d) the alignment, combination, correction, erasure or destruction of personal data.

Under the Order, the following broad headings for the classes of data users which must apply to be registered with the Commissioner are listed:

Public Ruling 12/2013 Rescuing Contractor And Developer

Protection of Personal Data Act (PDPA)

Protection of Personal Data Act (PDPA) website link