Why XBRL is required?

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.

Beneficiaries of XBRL data:

Regulators:

  • Greater transparency through ease of analysis of the regulated entities filings
  • Increase data accuracy
  • Dramatically reduced the time to process filings from weeks to days
  • Rise in analyst productivity
  • Validate and review data much more efficiently and usefully than they have hitherto been able to do.

Corporate Community:

  • Cost savings in preparation, report creation, analysis. High flexibility through the use of dashboard based business rules. This leads to significant savings in man hours and lead time in compliance and consolidation
  • Faster availability of data into standard reports
  • Extracts data from accounting packages and makes it standardized and portable
  • Provides a common framework of definitions
  • Easy data handling due to standardization and automation, centralization of delivery
  • A pioneering status among enterprises in the use of XBRL. Image enhancement in the marketplace through Increase of quality and consistency of data

Auditors:

  • Automate financial statements handling, cutting out time-consuming and costly collation and re-entry of information.
  • Accurate and Quality Data
  • Facilitates audit trail

Equity Analyst/Investment Banker/Credit Analyst/Investors:

  • Easier access to financial data
  • Easier analysis and comparison of financial data
  • Utilizing a publicly available XBRL database of Risk Return filings or prospectuses, could easily, in a matter of minutes, identify funds for review based upon fund type, return history and expense information
  • Simplify the selection and comparison of data, and deepen their company analysis
  • Time required for analysis, validation and arranging financial information according to the needs is greatly reduced.

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