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 “Malaysian Business Reporting System” (MBRS) which allows for the annual submission filing of:
– Financial Statements and Reports (FS);
– Annual Return (AR); and
– Exemption Applications (EA) which are related to the FS and AR applications.
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.
For better understanding, please refer the below mentioned various aspects related to XBRL Filing: