One of the most important things you need to know as a Malaysian business is how to submit MBRS. Malaysian Business Reporting System is an Internet-based tool, allowing all companies based in the country to submit their annual reports and financial returns in a hassle-free and quicker manner.
The online submission platform was an initiation of the Suruhanjaya Syarikat Malaysia (SSM), using the extensible Business Reporting Language (XBRL) format as a basis. The main goal of the implementation of the business reporting and submission platform is for companies to reduce their utilization of hard-copy annual return submissions.
Fundamentals on How to Submit MBRS
The first step to knowing and understanding the process of submission of MBRS is to attend the course training requiring specific sectors in the business and financial world. Participants who should attend the training include financial statement preparers, finance and accounting professionals, accountants, and professionals tasked in submitting and reviewing MBRS-based financial statements.
In order to know how to submit MBRS, it is essential for preparers to know and undergo the training that teaches professionals about the MBRS preparation tool to submit annual reports, financial statements as well as key financial indicators. After undergoing the course training, participants could now learn how to file the MBRS reports and optimize its usage for smooth submission and filing processes.
Accessing the mTool
The MBRS Preparation Tool (mTool) is one of the key components that all Malaysian businesses should know how to use and maximize to their advantage. Download the tool free of charge through the SSM portal. The launch of the MBRS tool is to empower Malaysian companies to have a stress-free and fast submission as well as pre-population of the annual returns data. It also allows companies to manage their dashboard through an accessible online portal.
What is the mTool all about?
Before you proceed to the basics of how to submit MBRS, make sure that you know everything about the MBRS Preparation Tool. The mTool is primarily an Excel-based utility designed to generate filing forms that are necessary for the preparation of financial statements and annual returns. The mTool also helps you import data using MS Word and other file formats into the platform or portal.
Who can use the mTool?
Two user groups have access to the mPortal or the Internet-based submission platform. It is where you can submit all filing online specifically the reports that you created by using the MBRS Preparation Tool. You can also download the template, check the status of your submission, generate reports, and use the online payment facility and digital signature facility, among many others.
Internal and external users have access to the portal specifically the ones that have already completed the course training. SSM employees, as well as authorized users that do administration related tasks, are given primary access of the portal. Professionals that are in charge of report submissions such as company secretaries and secretary assistants, company agents and agent assistants and others with the same job descriptions also have access.
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