There are numerous services available for Malaysia-based businesses especially in terms of filing the required business documents including Annual Returns (AR), Financial Statements/Reports (FS), and Exemption Applications (EA) according to their AR and FS. Suruhanjaya Syarikat Malaysia (SSM) launched the Malaysian Business Reporting System platform in September 2018, which qualified parties could use to submit Financial Statements/Reports (FS), Annual Returns (AR), and Exemption Applications (EA).
Businesses need to send a participant for the MBRS training in order to know the fundamentals of the system. One of the things you would encounter is the term EXBRL or MBRS Conversion. EXBRL refers to the conversion of your AR and FS documents into a format you can upload to the MBRS Platform. Files uploaded to the MBRS Platform must be in XBRL format. However, there is another option than going through the training and that is to outsource and charter an MBRS filing expert.
Why is XBRL/MBRS Filing Necessary?
In November 2018, all Malaysia-based businesses should comply with the requirements of the SSM to file and submit the necessary business documents using the MBRS platform. Thus, it is necessary for business owners, finance professionals, accountants, and other interested individuals to undergo training for the proper and accurate usage of the system. You can find more Frequently Asked Questions about MBRS here.
Undergoing MBRS course training is a necessity. It is where you can learn everything you need to know about MBRS and the XBRL (eXtensible Business Reporting Language) format. You could expect a lot of inputs and course contents to help boost your knowledge. However, information overload is possible and could be extremely overwhelming.
You can go through the agonizing period of learning the system or simply skip it through outsourcing an MBRS expert. These professionals can help you prepare the necessary documents for your business in compliance with the Companies Act 2016, mandating all Malaysia-based businesses to send in their documents.
Save Time and Energy
MBRS experts have the training, knowledge, and experience to prepare, file, and submit the important business documents compliance with the SSM regulation. Working with these professionals means you are saving significant time and energy because they are the ones to do the hard and meticulous task. Nevertheless, reputable experts make sure you are always on the loop and give you update and orient you with the data concerning your business.
More Benefits of Outsourcing your Filing through XBRL/MBRS Service
MBRS filing and submission is more than just gathering the data, preparing them, and submitting them to SSM. XBRL filing experts also do other important tasks such as analyzing your data and making sure that they are relevant to the current state and goals of your business.
Qualities of XBRL Filing Professionals
You know the need for an expert in MBRS filing and submission. Why does outsourcing them mean a lot of sense in the first place? MBRS experts have extensive knowledge about the eXtensible Business Reporting Language as well as how it works. They are also experts in SSM Taxonomy, the MBRS preparation tool (mTool), MBRS Portal (mPortal), and Key Financial Indicators (KFI). You can read more about our MBRS Conversion background here.
The best candidates for the job include company secretaries, directors, auditors, accountants, finance professionals, and those in charge of filing and submitting their business documents using the Malaysian Business Reporting System platform. Learn more about the XBRL filing services now for details!