One of the most important questions for most Malaysian businesses today is how to file MBRS. Malaysian Business Reporting System refers to the standard that covers digital financial reporting, which is mandatory for all Malaysian companies in terms of filing their financial statements and annual reports. The MBRS preparation tool or mTool is an essential element in the filing procedure with key features that facilitate the convenience in the preparation of the documents.
Steps on How to File MBRS
Knowing the mTool or MBRS Preparation Tool is the first step to the filing and submission of your business reports such as financial statements and annual report. First, it is essential that you know the different types of submission, which includes the Annual Return for companies having share capital, Annual return for companies not having share capital, annual return for foreign companies, and annual return for unchanged particulars.
All MBRS preparers should know basic terms that they would most likely encounter when it comes to knowing how to file MBRS for their business compliance. For instance, the MBRS template is an essential terminology that refers to the excel template that a preparer uses in order to fill in the disclosures based on their respective entry points.
Getting Started with MBRS Filing
Knowing the answer on how to file MBRS requires you to go through the step-by-step process starting with the introduction page. It is important to install the mTool first and wait for the shortcut icon to appear on the desktop. Launch the mTool by double-clicking the shortcut icon on the desktop. You can immediately see the displayed introduction page where there will be four buttons to choose from in preparation of your business report.
The first button is the Create Filing icon, which allows you to create a fresh new set of MBRS template. The second button is the Edit Filing where you can open a previously created and saved file, allowing you to edit the document. You can also check the latest mTool version through the mTool Version Check button. The fourth and last button is the Proxy Settings where you can check the configuration setting in the Preparation Tool introduction page.
The Preparation Flow
How to file MBRS is a crucial question that brings you to the basics of the preparation flow. You need to initially click the Create Filing button for the new set of XBRL file that is required for the Annual Return report. Use the Edit Filing icon in order to open and access the existing file or set of XBRL files for the same document.
For the first preparation flow, you can select the submission type after installation of the mTool, then selecting the Create Filing button afterwards. Fill the Filing Information Questions and rectify errors if there are any. Validate and generate the file and fill in the necessary information and wait for the MBRS template’s automatic generation.
How to file MBRS? Take your time to know the fundamentals of the course and see how easy it would be to submit your business reports today.