Peer's perverse, penning funny poem (12)
I believe the answer is:
contemporary
'peer's' is the definition.
(contemporary is a kind of peer)
'perverse penning funny poem' is the wordplay.
'perverse' becomes 'contrary' (I've seen this before).
'penning' means one lot of letters goes inside another.
'funny' is an anagram indicator.
'poem' anagrammed gives 'empo'.
'contrary' placed around 'empo' is 'CONTEMPORARY'.
(Other definitions for contemporary that I've seen before include "current" , "Modern in style or design" .)