Know What MBRS Is?

Know what MBRS is?

In this digital era, we are seeing everything in the automating and digitize version. In fact, the financial operations are carried out smoothly when it literally manages with better outcomes. For fulfilling the digital requirements, Suruhanjaya Syarikat Malaysia (SSM) is also climbing the process which is introducing the Malaysian Business Reporting System (MBRS). The entire system could be accessed towards delivering extensible business reporting language taken in XBRL format. The overall procedure could be executed based on digitalizing financial and non-financial data & reports. It also applies to company annual returns submission. 

Why MBRS is important?

Most importantly, MBRS is an online tool which helps the companies to access and submit overall financial reports and returns without any risks. This is managed by undertaking overall results furthermore increase accessibility. It is always providing with the best results and thus financial returns are soon grabbing with the page reports. This tool takes away the stress and does everything on the computer on an excel sheet. It is now submitting through online carry out more things without any hassles. This can be carried out by attending SSM workshop or engaging professional accountants or MBRS experts.

Enhanced data integrity

The MBRS system always deserves financial and non-financial information gather on data entry and others. This involves reporting all come with own benefits and highlights some data formatting because of financial reports. It shows the best possible solution by being translated with multiple languages. It is now grabbing enhances data integrity and reliability for accessing with financial and other reports. This is managed by grabbing the most important things to carry out for financial results and reports. It is flexible for handling multiple languages and gathering financial as well as other reporting. It is based on the digital transmission that is required by the Accounting Standards (e.g. MFRS or MPERS) Companies Act 2016.

Report fillings and results

MBRS includes recent development so far identified in making proper approaches to reporting and filling in forms. They can be easily aligned and digitalized and done online. It quickly enhances accounting standards for carrying out the most important solutions for your need and desires. It could easily eliminate errors when calculating the financial reports. Again, the Malaysian Business Reporting System has been updated with salient features and enhances corporate compliance process because of now all accounts. It includes validating the process that has been delivering in all compliance for analysis of financial MBRS reporting. 

What is Malaysian Business Reporting System (MBRS)

Malaysian Business Reporting System is a submission platform based on the Extensible Business Reporting Language (XBRL) arrangement.

Which allows for the yearly submission filing of?

·      Financial Statements and Reports (FS);

·      Annual Return (AR); and

·     Exemption Applications (EA) which are connected to the FS and AR applications.

In Malaysia, all companies (like public and private) want to register themselves with the Malaysian Regulator, Suruhanjaya Syarikat Malaysia (SSM), and these companies have to submit their financial information to SSM once each year. The regulator’s role is to improve and promote the supply of corporate information and to create and expand a facility whereby the community can analyze the received corporate information.

Until now, companies needed to submit this in order in printed form over-the-counter to the regulator. But starting November 2018, SSM has mandated the submission of exact reports digitally in MBRS. This mandate would help SSM analyze the reported information right away, and also help investors and the Malay people at big.

Malaysian Financial Reporting Environment

In Malaysia, the Companies Act 2016 requires all registered companies to prepare and submit annual financial statements within 6 months from the financial year, prepared in accordance with approved financial reporting standards. There are two common reporting framework for companies:

·   Malaysian financial reporting standards (MFRS), equivalent to International financial reporting standards (IFRS)

·        Malaysian Private Reporting Standards (MPERS), equivalent to IFRS for SMEs

What is XBRL?

XBRL is the open international standard for digital business reporting, managed by a worldwide, not for profit consortium, XBRL International, committed to improving reporting in the public attention. XBRL is used approximately the globe, in more than 50 countries. Millions of XBRL documents are created every year, replacing older, paper-based reports with more useful, more effectual and more accurate digital versions.

In a nutshell, Malaysian Business Reporting System provides a language in which reporting terms can be with authority defined. Those terms can then be used to uniquely represent the inside of financial statements or other kinds of compliance, performance and business information. XBRL lets reporting in order move between organizations fast, accurately and digitally.

Support for adaptation of financial statements in XBRL for submission to SSM

Our Company has over 25 years of experience in financial reporting and. Our team has extensive knowledge of financial reporting and preparation and validation of XBRL reports. You may reach our team at the contact speak to provided below for any information or support you need on the XBRL Malaysia filing needs.