Financial reporting, not an easy task,
it always considers the lots of paperwork with an intensive report which offer financial information about an organisation..
The Malaysian Business Reporting System (“MBRS”)helps in converting the
financial data into some enlightening data. It is digital submission platform introduced by SSM
based on the eXtensible Business Reporting Language (“XBRL”) format in 2018. MBRS requires
all companies whether it is a private company or public company registered in
Malaysia to submit their annual financial statements in XBRL format to SSM once
in a year.
Who
will be required to file-All companies which are
registered in Malaysia with SSM is required to file the annual financial statements
in XBRL format (estimated to be effective from 2021).Currently,all the annual
financial statements are filed in hard copy over the counter at SSM Office.
Who
are exempted for filling:- Every company
registered in SSM is required to file annual financial statements in XBRL
format, but there is certain categories which are exempted to filling the annual
financial statements in XBRL. For example, insurance institution, banking and
also financial institution which are regulated by the Bank Negara Malaysia. All
other companies are strictly required to file full sets of Financial Statements
unless exempted by SSM. EA2 (Application for Exemption from Filing Financial
Statements in Full XBRL Format), must be submitted and approved by SSM before a
company is allowed to submit a Key Financial Indicators (“KFI”) instead.
Type
of fillings:- The Different type of statement
which needs to be filed are:-
1. Financial
statements for the private companies on Malaysian Private Entities Reporting
Standards (“MPERS”)
2. Financial
statements for Public or Privatecompanies on Malaysian Financial Reporting
Standards (“MFRS”)
3. Financial
statements for companies limited by the guarantee on MFRS
4. Financial
statements for exempt private companies which only require disclosure in the
auditor report and certificate of exemption.
Type
of exemption filling:- Inrelation to the submission
through MBRS, there are certain exemption for filing which companies can apply
on the MBRS portal:
·EA1- This application is
concide with foreign subsidiary financial year ended with holding company.
EA2- This application
is to apply exemption from filling financial statement in the full XBRL format.
· EA3- This application
is for the foreign company to waives the lodgement of financial statement.
·EA4A- This application
is for the relief from the necessity of the content in the report of the
director.
·EB4A- This application
is for the relief from the requirements as to form and content of financial
statements
·EA5A - This application is for giving time extension
for circulation of financial Statements and Reports
·EA5B – This application is for extended time
for lodge report and financial statement
EA6- This application
is used for extended the timing to hold annual general meeting
· EA8- This application
is for ministry approval on filing of annual financial statements
All exemption application must be
submitted and approved by SSM before filing relevant financial statements or
KFI on MBRS portal.
