Filing of Full Financial Statements in XBRL mode
The digital 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 all companies, other than those exempted, are required to submit a full set of Financial Statements in XBRL format. There are four (4) types of Financial Statements that may be filed:
- Financial Statements based on MFRS for Public or Private Companies (“FS-MFRS”);
- Financial Statements based on MPERS for Private Companies (“FS-MPERS”);
- Financial Statements based on MFRS for Company Limited by Guarantee (“FS-CLBG”); and
- Financial Statements for Exempt Private Company, which only requires disclosure of an Auditor’s Report and Certificate for EPC (“FS-EPC”).
All companies are strictly required to file full sets of Financial Statements unless exempted by SSM. Exemption Application 2 (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 KFI in lieu. There are three (3) types of Key Financial Indicators that may be filed:
- Key Financial Indicators based on MFRS for Public or Private Companies (“KFI-MFRS”);
- Key Financial Indicators based on MPERS for Private Companies (“KFI-MPERS”); and
- Key Financial Indicators based on MFRS for Company Limited by Guarantee (“KFI-CLBG”).
XBRL instance document is required to be prepared as per SSM Taxonomy. According to SSM Taxonomy, Full set of Annual Report or Key Financial Indicators is required to be filed in XBRL format. Major components of Annual report are noted below:
- Balance Sheet / Statement of Financial Position
- Income Statement / Statement of Comprehensive Income
- Cash Flow Statement
- Schedules & Notes to Financial Statements
- Accounting Policies
- Statement of Change in Equity
- Audit Report with annexures thereto
- Director or Board Report with annexures thereto
Apart from above, there are various other details/documents which are required for XBRL filing. Please fill up the Contact form so that we can send you the complete checklist for XBRL filing.
Please also check the following related matters: