Learning how to use MBRS is essential for all companies and businesses especially the professionals in charge of the annual reports, financial statements, and exemption applications. Malaysian Business Reporting System is an Internet-based submission platform that uses the eXtensible Business Reporting Language or XBRL format.
The Companies Act 2016 serves as the guiding principle of the MBRS, particularly its financial as well as non-financial scopes. It also considers the applicable approved accounting standards for both public and private companies namely the Malaysian Financial Reporting Standards and Malaysian Private Entities Reporting Standards, respectively.
How to Use MBRS for Beginners
Suruhanjaya Syarikat Malaysia (SSM) officially launched its submission platform online in January 2018. All preparers of financial statements and annual reports are required to undergo course trainings or modules that would teach them how to use the mTool or MBRS preparation tool. Learning how to use MBRS is necessary in order to understand the basics of financial statement submission and other business reports.
Participants could also learn the SSM taxonomy or SSMxT, optimization of the preparation tools for hassle-free filing and submission, and compliance with the filing requirements. Undergoing the MBRS course modules helps participants and preparers to know how to create XBRL reports and instance documents, and filling scoping questions.
Other Salient Course Contents
All financial professionals and company secretaries are the best candidates to undergo training on how to use MBRS. Course contents teach you how to fill FS and KFI submission documents as well as understand the rectification and validation of document errors. Qualified and expert trainers teach participants how to generate and submit XBRL files to SSM, MBRS features and functions, and hands-on training of mTool access and usage.
Important Glossary and Terminology
There are three major components or features that the MBRS course imparts to its participants. First, you learn about the XBRL or eXtensible Business Reporting Language, the computer readable format or language standardizing business reporting terminologies. The usage of XBRL is widespread particularly among 100 regulators from 60 countries including Bank Negara Malaysia.
The second important component you need to know on how to use MBRS is the mTool. The utility is based on an Excel format, which you need in generating filing forms necessary for financial statement preparation. The MBRS Preparation Tool is also used for the generation of annual returns (AR) as well as data importation from MS Word directly into the portal.
Lastly, the mPortal is a salient feature that is highlighted in the MBRS course. It is referred to as the Internet-based submission platform allowing users to use digital signature facilities, generate reports, and download the XBRL template. You can also use this virtual portal for online payment, check status updates and submissions, and creation of all filing reports through the mTool.
You need numerous components in order to know how to use MBRS for your business reporting compliance. New preparers and concerned professionals need to undergo comprehensive training or modules in order to have a fast, convenient, and accurate output. Your alternative to undergo training and submit MBRS yourself is to outsource your MBRS filing. Learn more about it here.