About MBRS Conversion & Filing Services
MBRS Submission & Preparation
MBRS Submission and Filing will be split into three:
- Financial Statements and Reports (FS);
- Annual Return (AR); and
- Exemption Applications (EA) which are related to the FS and AR applications
We help you prepare and convert both you Annual Returns and Financial Statements. All of our staff underwent the official training by SSM in MBRS for filing of Annual Returns and Financial Statements.
MBRS is a platform that allows for annual submission of annual returns and financial statements/reports.
Formis Network Services is the only service provider in Malaysia offering these types of services to the market. We offer two types of conversions for our clients:
Firstly, the conversion of the company’s Annual Return and secondly conversion of their Financial Statements in the proper MBRS(XBRL) format. Our services will automate and streamline the preparation of your files of MBRS saving your time.
Our team comprises of certified MBRS prepares that have gone through the training syllabus SSM has set out and are qualified by SSM to use the MBRS tool.
Find more information about MBRS Conversion services below
Preparation and Filing of Annual Returns
The submission of Annual Returns in the MBRS format has been made a requirement by SSM for all companies by 2019.
For a fixed rate, we can prepare your Annual Return files ready for submission to SSM. All we need from is financial information, director details, company details, and shareholding information.
This service would typically take 2-3 days to complete upon when receiving the necessary information from the client to make the MBRS conversion.
What you need to provide
You need to upload and send us your Annual Return Documents for filing. When we have completed the conversion you will receive the MBRS/XBRL compliant file you can submit directly to SSM. We will be assisting you throughout the conversion process in the event we need more information from you.
Preparation and Filing of Financial Statements
Similar to the Annual Returns submission, SSM has announced company Financial Statements submission through MBRS will become compulsory by the year 2019.
Public and private companies will be required to fill using the Malaysian financial reporting standard(MFRS) and private companies will also have the option to complete their submission by using Malaysian private entity reporting standard (MPERS).
For this service, we are charging companies based on their size and complexity.
It has been categorised these into 2 segments, big/listed companies and small to medium enterprises (SME’s) in which there is a fixed fee for the two segments.
The service typically takes 3-5 days from acquiring the information needed to complete the submission on the MBRS format.
What you need to provide
To complete your FS preparation with MBRS Conversion you will need to upload and send us your financial statement accounts through our web portal. Our team of MBRS preparers will go through the filing and inform you of any information we need from you throughout the process. After completing the tagging process you will receive the MBRS/XBRL compliant documents which can be uploaded directly through the MBRS platform.
What is MBRS?
XBRL provides a language in which reporting terms can be authoritatively defined and standardised. Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports. XBRL lets reporting information move between organisations rapidly, accurately and digitally in a standardise format.
As part of the SSM – XBRL initiative, SSM has made available mTool to enable companies to prepare Annual Return and financial statements in line with the MBRS filing requirements. MBRS templates have been designed to reflect the presentation of these submissions, with standardisation and comprehensiveness in mind, and in facilitating the preparation of these statements in XBRL.
SSM has made it a requirement for companies to fill their annual returns and financial statements submission on the MBRS format starting November 2018.
Understanding the MBRS system requires a comprehensive training certification from SSM with is obtain through attending the training seminars held by training service providers (which we are), only after the training is individuals certified as qualified MBRS prepares.
Frequently Asked Questions (FAQ)
MBRS stands for the Malaysian Business Reporting System and is a newly launched platform to file and submit your Annual Returns and Financial Statements. You can read more about what MBRS is above.
MBRS Conversion is your alternative to go through the MBRS Filing Process by yourself. Our expert staff will prepare and file the documents for you and everything is handled on our system. You simply need to send us your documents and we will handle the rest. Our services automates your MBRS submission saving your time.
All of our MBRS Filing service staff are highly knowledgable about the MBRS Taxanomy and filing process ensuring you a fast, easy and secure filing for your Annual Returns and Financial Statements.
This will depend on the length and complexity of your Financial Statements. We aim to complete the conversion and filing within 4-7 working days. If you to submit MBRS earlier get in touch with us directly.
All of your documents submitted will be handled with caution and not be shared or distributed with any Third Parties.
Our office is located at Menara BRDB, 3.02C Level 3, 285, Jalan Maarof, 59000 Kuala Lumpur.
MBRS Automation is our tool used for MBRS Conversion ensuring a smooth file management and tagging process. All documents will be reviewed by our staff who are highly knowledgeable in the MBRS taxonomy.
Yes, we will share your MBRS/XBRL compliant file for your submission of MBRS through the mPortal.
All companies can use MBRS Conversion to simplify and speed of their MBRS/XBRL Filing.