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.