Malaysian Business Reporting System is a submission filing platform introduced by Suruhanjaya Syarikat Malaysia (SSM) in 2018. It uses the basis of the XBRL or eXtensible Business Reporting Language format. Also known as the MBRS, the platform allows for the yearly submission of Financial Statements and Reports or FS, Annual Return or AR, and Exemption Applications or EA, according to the submitted AR and FS applications.
Malaysian Business Reporting System Overview
The MBRS course is a one-day course that invites certain individuals or sectors to participate in compliance with the required specifications of the Companies Act 2016. Course participants are company secretaries, business owners, directors, accountants, auditors, finance professionals and individuals who are interested in learning the fundamentals of MBRS.
The learning outcome of the course includes allowing the participants to explain and understand the basics of XBRL and Malaysian Business Reporting System for the primary purpose of complying with the Companies Act 2016. Participants could explain the requirements for MBRS submission as well as get started with important features such as the preparation tool (mTool). It further teaches participants to optimize the usage of the tool in order to have a hassle-free filing of financial statements and annual returns.
Participants are encouraged to attend for the basic knowledge of the preparation and submission of MBRS Annual Returns as well as in understanding the financial statements overview of the Malaysian Business Reporting System.
Why is it important to adopt the XBRL format?
The MBRS uses the eXtensible Business Reporting Language or XBRL format for different valid reasons. For instance, it reduces the cost and time of accumulating financial and non-financial data as well as in saving on efforts for data entry. The format also allows cost-cutting benefits on data formatting conversion by ensuring less human intervention.
For stakeholders, the XBRL adoption is ideal in facilitating the analysis and understanding of financial reports for quality and effective decision making. SSM as well as other regulators receive detailed data with the adoption of XBRL. Data aggregation and facilitation of investigative efforts and more compliance is possible when Malaysian Business Reporting System utilizes the XBRL format pattern.
Overall Filing Process for MBRS (mTool)
One of the most important features of the MBRS is the filing process of Annual Returns and Financial Statements using the preparation tool (mTool). A sample of the overall process for the submission filing is quite simple and easy to do even for beginners. However, it is highly recommended that responsible sectors of the company or corporate organization should undergo a basic course in order to have a smooth and accurate use of the tool. Compliance with the Companies Act 2016 through the Malaysian Business Reporting System introduces the filing submission process from downloading and installing the MBRS Preparation Tool to the completion of the submission with successful digital signature to the filing payment.
The Malaysian Business Reporting System is a mandatory update that all Malaysian companies should know and comply with. The digital financial reporting standard is the basis of the submission filing of financial statements and annual reports.
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