The Companies Commission of Malaysia (SSM) is a statutory body formed as a result of a merger between the Registrar of Companies (ROC) and the Registrar of Businesses (ROB) in Malaysia which regulates companies and businesses. The main activity of SSM is to serve as an agency to incorporate companies and register businesses as well as to provide company and business information to the public. SSM introduced a digital submission platform based on the eXtensible Business Reporting Language (XBRL) format in 2018. This submission platform is known as the “Malaysian Business Reporting System” (MBRS) which allows for the annual submission filing of:
– Financial Statements and Reports (FS);
– Annual Return (AR); and
– Exemption Applications (EA) which are related to the FS and AR applications.
All companies incorporated in Malaysia are required to file annual returns and financial statements in XBRL format, except for those which are exempted. The XBRL report has to be prepared in accordance with applicable standards such as Malaysian Financial Reporting Standards (MFRS) Taxonomy or Malaysian Private Entity Reporting Standards (MPERS) Taxonomy. Some companies will file a full set of financial statements in MBRS format, while some others will file only Key Financial Indicators in MBRS format. The filing requirements depend on the type of company and Exemption Application filed.
For better understanding, please refer the below mentioned various aspects related to MBRS Filing:
What is XBRL?
All you need to know about – i.e. XBRL, iXBRL, MBRS, Taxonomy, Tags, Instance Document, Validation etc…
Why XBRL is required?
XBRL offers many benefits viz. Improved reporting, Automated data collection, Reliability & accuracy, Cost effective, Time saving, Better decision making…
Who need to file in XBRL?
All Malaysia incorporated companies are required to file financial statements with SSM, except for those which are exempted...
What is required to be filed?
Full set of financial statements or Key Financial Indicators is required to be filed in XBRL format based on type of company…
When you need to file?
All the Companies required to file their annual returns must file the financials after the end of its financial year…
How to prepare and/or file?
Preparing financial statements in XBRL mode: The process for creation and filing of Financial Statements in XBRL mode is as under…
What if there is delay or non-filing?
In case the Company makes delay in filing or fails to file the financial statements, late fees and penalty is applicable…
How we can serve?
XBRL Experts offers full service for all of your XBRL filing needs. We provide compliance with the most current MBRS requirements…
What is our process?
It is a simple 4 step process to convert your financial statements to XBRL format for filing with MBRS…