{"id":1708,"date":"2020-04-03T17:32:56","date_gmt":"2020-04-03T17:32:56","guid":{"rendered":"https:\/\/prathamconsult.com\/my\/?page_id=1708"},"modified":"2025-04-18T07:53:56","modified_gmt":"2025-04-18T07:53:56","slug":"introduction","status":"publish","type":"page","link":"https:\/\/prathamconsult.com\/my\/introduction\/","title":{"rendered":"Introduction"},"content":{"rendered":"\t\t
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Introduction<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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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 \u201cMalaysian Business Reporting System\u201d (MBRS) which allows for the annual submission filing of:

\n\u2013 Financial Statements and Reports (FS);
\n\u2013 Annual Return (AR); and
\n\u2013 Exemption Applications (EA) which are related to the FS and AR applications.\n<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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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.<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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For better understanding, please refer the below mentioned various aspects related to MBRS Filing:<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\tWhat is XBRL?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tAll you need to know about \u2013 i.e. XBRL, iXBRL, MBRS, Taxonomy, Tags, Instance Document, Validation etc\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tWhy XBRL is required?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tXBRL offers many benefits viz. Improved reporting, Automated data collection, Reliability & accuracy, Cost effective, Time saving, Better decision making\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tWho need to file in XBRL?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tAll Malaysia incorporated companies are required to file financial statements with SSM, except for those which are exempted...\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tWhat is required to be filed?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tFull set of financial statements or Key Financial Indicators is required to be filed in XBRL format based on type of company\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tWhen you need to file?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tAll the Companies required to file their annual returns must file the financials after the end of its financial year\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tHow to prepare and\/or file?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tPreparing financial statements in XBRL mode: The process for creation and filing of Financial Statements in XBRL mode is as under\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tWhat if there is delay or non-filing?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tIn case the Company makes delay in filing or fails to file the financial statements, late fees and penalty is applicable\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tHow we can serve?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tXBRL Experts offers full service for all of your XBRL filing needs. We provide compliance with the most current MBRS requirements\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tWhat is our process?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tIt is a simple 4 step process to convert your financial statements to XBRL format for filing with MBRS\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Introduction The Companies Commission of Malaysia (SSM) is a statutory body formed as a result of a merger between the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"yoast_head":"\nIntroduction - Pratham Consultants Malaysia<\/title>\n<meta name=\"description\" content=\"All the Companies registered with MCA are required to file the financial statements with MCA. 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