MBRS stands for Malaysian Business Reporting System, allowing annual submission filing of Annual Return (AR), Financial Statements and Reports (FS), and Exemption Applications (EA) in relation to the AR and FS applications. According to Suruhanjaya Syarikat Malaysia (SSM), the digital submission platform uses the eXtensible Business Reporting Language (XBRL) format, the news that became public in 2018.
MBRS Overview for Better Understanding
All Malaysian businesses and stakeholders could now download the MBRS Preparation Tool (mTool) following the issuance of MBRS Release 1 in January 2018. The digital and downloadable tool is accessible free of charge at www.ssm.com.my. Moreover, the MBRS Portal will follow this up with the Release 2. Upon the launch of the tools, Malaysian companies can then make a submission or ensure the management of the dashboard of their respective companies through the MBRS portal. It is also doable that the AR data is pre-populated through this tool.
Remarkable Features of the MBRS Preparation Tool
Qualified Malaysian companies could download applicable template and taxonomy, enter data as well as generate XBRL Instance documents with the mTool. However, there are other important features that the preparation tool has, ensuring the usability and user-friendliness of its system overall.
The mTool has MS Excel add-on application along with the form or template driven options. It is a device, which ensures user-friendly data collection as it supports dual language for Annual Reports and Financial Statement submission filing. The tool also features Inbuilt Taxonomy Browser and the available viewing and printing options.
MBRS allows users the flexibility to use their tool, depending on their availability and access. Thus, the offline and online features of the mTool is a surefire way that you can use the digital tool without any constraints when it comes to your Internet connectivity. It also allows data imports from XBRL Instance and Word.
Every datum you put into your FS and AR should be accurate in order to avoid any problems in the future. The mTool is fully equipped with the data validation as well as quality checks features to ensure no errors in your submitted documents. It helps generate XBRL filings with features that support Office 2010 and above, for better and hassle-free use even for those who are not that computer or Internet savvy.
Why is the MBRS mTool beneficial to businesses?
One of the obvious benefits of the preparation tool is that you can absolutely access and use it offline. Moreover, the person in charge of the submission filing could initially prepare the FS, AR, or EA in their PC or laptop in their most convenient time and place. It makes work delegation easier and faster. On top of it all, the MBRS information will be standardized, not to mention that it is given free of charge.
MBRS is one of the indispensable tools for Malaysian businesses today. It helps in the proper, fast, and accurate submission of Annual Reports, Financial Statements, and Exemption Applications. It offers numerous features and benefits including the chance to use such high-quality and effective tool with labels in both English and Bahasa Malaysia.
If you wish to use MBRS Filing Services you can find more information here.