How to Select the Malaysian Business Reporting System

How to Select the Malaysian Business Reporting System

If you are running Business Company in the part of Malaysia, it is requested to register with Suruhanjaya Syarikat and Malaysian Regulator. Therefore the companies must submit the financial data to the part of the SSM at least once a year. The main role of these systems is to promote and deliver corporate information. Then it can develop a major facility whereby the people can find out and analyses the corporate information. MBRS is a submission of the platform which is based on the extensible business reporting languages. It allows for the major submission such as the Annual return, a financial statement as well as the report, exemption application related to the AR and FS. A major component of MBRS:

SSM Taxonomy:

It is a dictionary of the nonfinancial and financial elements of the EA, FS, and AR which embedded in the part of the MBRS preparation Tool.

MBRS preparation Tool:

Malaysian Business Reporting System tools are new and update preparation tools for Microsoft excel which let the firm to make the right document online as well as offline. Then it can generate AR and EX in the format of the XBRL.

•    Build with the SSM xT browser

•    MS excel add over the application

•    Support both online and offline features

•    A template is driven and form

•    Data validation checks

•    Applicable to generate major XBRL file such as the FS, EA, AR.

MBRS portal:

It is a direct submission platform to lodge of EA to SSM and Fs, AR and this helps improve major support for the financial.

•   Special features of the M portal:

•   Allow going to the website login

•   Applicable to download a new version

•  Email confirmation and other updated

•  Online payment facility

•  Digital signature

•  Report generation support

•   Online payment support

MBR requirement:

It introduces the various types of filling based on the need below, the Company ACT 2016. Hope it provides special support and solution for the customer to move right support for the business people.

Financial statement:

It filed with the major statement for reporting below the accounting standard as well as the company’s act section.

Important financial indicator:

It has basic financial concepts which found for financial reporting when the filer is not to file complete FS filling in part of the XBRL.

Exemption application:

It is applicable for the end to end registered person to file for the respective exemption over the compliances with the presence of SSM.

Annual return:

It is requested to file all annual returns, according to the Companies Act 2016.

Reason for the Adoption of the XBRL:

•    It can reduce the time and cost of the collect the financial as well as the non-financial data and it can save over the data entry efforts as well as the conversion of the data according to the less human intervention.

•     It can find out the report for the taking right decision for the stakeholder.

•   XBRL lets to deliver the SSM as well as the other regulator with the detailed data and it can aggregate and also supports to investigate the major efforts and other compliance.

Hope the people who are running the major business, they are suggested to go with the Malaysian Business Reporting System and provide the best result for them and it assures to move the best support to make more income in a very short time. Though, these systems build with the various tools that let to provide real comfort to manage the financial support and other solution.