MBRS filing is one of the most important things that small-scale and large businesses should prioritize for the year 2019. It is best to refresh your knowledge and practices about this important tool before you prepare and file for this year’s Malaysian tax season. The accurate and proper filing could save you a lot of time, money, and worries, to begin with.
MBRS Filing Overview and More
Suruhanjaya Syarikat Malaysia (SSM) launched the MBRS or Malaysian Business Reporting System, a platform that allows you to submit important business documents using the XBRL format (eXtensible Business Reporting Language).
The submission portal, which debuted on September 27, 2018, is a practical and functional platform that allows business owners or individuals to submit various documents. Using the platform, you can submit Annual Returns (AR), Financial Statements and Reports (FS), and Exemption Applications (EA), based on the AR and FS.
The legislation that serves as guiding principles behind the MBRS non-financial and financial coverage include the Companies Act 2016, Malaysian Financial Reporting Standards (MFRS), and Malaysian Private Entities Reporting Standards (MPERS). Starting November 2018, all Malaysian companies must comply with the mandate to submit unaudited financial statements, annual returns, and certificate for the private exempt company to SSM. You can find more information about the MBRS Filing Scope of Submission Here.
Training for MBRS Filing
Courses for MBRS preparers are available, providing participants with comprehensive and in-depth background and understanding of the MBRS platform as well as the XBRL format. This training allows concerned parties to comply with the stringent requirements in accordance with the Companies Act 2016.
The training courses will help delegates acquire and use working knowledge on the requirements for MBRS filing, optimize the mTool function and usage, and make sure that they make a smooth and hassle-free submission of financial statements and annual returns. You can find more information about MBRS Training here.
What to Expect from the Course
Participants of the training courses receive numerous basic insight and helpful information in order to boost their knowledge and experience in filing important business documents using the Malaysian Business Reporting System platform.
Some of the course contents include the basics of XBRL or eXtensible Business Reporting Language format including how it works. On top of the introduction to MBRS, participants could also delve deeper into the MBRS components particularly SSM Taxonomy (SSMxT) and the MBRS Portal (mPortal). A comprehensive take on the MBRS preparation tool (mTool) is likewise a highlight during the training because of its significance in the overall task of preparation and filing.
Other important course contents are the Compulsory SSM digital signature registration, installing and getting started with the MBRS tool, preparation and filing the business’ MBRS Annual Returns, and submission workflow for EA, FS, and AR. The key financial indicators (KFI) and introduction to SSM Taxonomy are also important subject matters during the training.
Getting a thorough yet simple to remember MBRS filing refresher is all you need when making the required preparation for filing your business documents. These documents are vital to the overall operations and potential growth of your business. Thus, compliance with the MBRS filing is an absolute necessity.
If you wish to get help with your MBRS Submission you can use services such as MBRS Conversion to prepare your documents for filing hassle free.