Introduction

The Companies Commission of Malaysia (SSM) is a statutory body formed as a result of a merger bet​​​ween 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:

What is XBRL / MBRS?

All you need to know about – i.e. XBRL, iXBRL, MBRS, Taxonomy, Tags, Instance Document, Validation etc…

Why XBRL / MBRS is required?

XBRL / MBRS offers many benefits viz. Improved reporting, Automated data collection, Reliability & accuracy, Cost effective, Time saving…

Who need to file XBRL?

All Malaysia incorporated companies are required to file financial statements with SSM, except for those which are exempted...

What is required to be filed?

Full set of financial statements or Key Financial Indicators is required to be filed in XBRL / MBRS format based on type of company…

When you need to file?

All the Companies required to file their annual returns must file the financials after the end of its financial year…

How to prepare and/or file?

Preparing financial statements in XBRL mode: The process for creation and filing of Financial Statements in XBRL / MBRS mode is as under…

What if there is delay or non-filing?

In case the Company makes delay in filing or fails to file the financial statements, late fees and penalty is applicable…

How we can serve?

XBRL Experts offers full service for all of your XBRL filing needs. We provide compliance with the most current MBRS requirements…

What is our process?

It is a simple 4 step process to convert your financial statements to XBRL format for filing with MBRS…

Why XBRL Experts?

Experienced Team

We hire only seasoned, professionals with relevant experience. Our team members are periodically trained on various aspects related to XBRL, Accounting and Secretarial matters. Each reviewer of XBRL report is having professional degree and experienced in preparing minimum 200 XBRL reports.

Accuracy of Reports

Our service process has in-built preparer-checker mechanism and random audits to ensure that the final XBRL reports are accurate and meets the requirements of the Statute and customer’s expectations. Our processes are certified for ISO Quality Standards.

Customer Satisfaction

Our vision is to ensure our customers are satisfied with our services and will not be reluctant to use our services again or refer us to their network. Further to be noted that client needs to pay us only after completion of service.

Data Security

We strictly adhere to regulations related to secure handling of client data. All data are hosted in a secure server. We audit our process periodically for data security and are certified with ISO.

Quick Turnaround

Sometimes customers need the XBRL report within a very short time or sometimes it could be few weeks. Our service delivery model is flexible enough to meet these requirements in a Cost effective manner.

Cost Effective

Our main focus is to provide Cost Effective services without downgrading tagging quality. Further there are no hidden charges – charges are not dependent on file size.

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