The Differences Between PRSS, MPERS And MFRS Frameworks
The differences between PERS,MPERS and MFRS frameworks can be shown from seven aspects. First of all, the differences from the presentation of financial statements and accounting policies,estimates and errors. The third statement of financial position is need to be presented as required by MFRS,while here is no such requirement in PERS and MPERS. The selection of accounting policies and the requirements for changes in accounting estimates are the same for all the three reporting frameworks. In terms of retrospective restatement for correction of errors, PERS allows the alternative treatment of a current period adjustment, whereas MPERS and MFRS provide for an impracticability exemption. Second aspect that can show the differences of the three framworks is the business combinations and consolidation-related standards. In a business combination,both MPERS and MFRS require application of the acquisition method,while PERS does not have a standards on this. For the consolidation, MFRS uses a control model based on power to direct the relevant activities and extract returns,wheras both PERS and MPERS use a control model based on power to govern financial and operating policies. The identification of the types of joint arrangemt, both PERS and MPERS use the form,while MFRS uses the rights and obligations approach. the greatest flexibility in the accounting for investments in associates is provided by MPERS,but both PERS and MFRS require the equity method to account for investments
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