XBRL Malaysia is a readable computer language that standardizes business reporting terminologies and open data exchange. The extensible Business Reporting Language format is widespread in business reporting with over 100 regulators using it in over 60 countries around the world. The Bank Negara Malaysia is one of the regulators that utilize MBRS.
Fundamentals of XBRL Malaysia
Businesses in Malaysia are required to comply with business reporting, particularly using the online submission platform for easier and faster filing. The upside of using an Internet-based filing and submission system is to ensure the transparency and accountability of business performance on a global scale through an open data exchange standard. SSM makes sure that businesses could download the MBRS tool free of charge through their website.
What is it all about?
The XBRL initiative is an official project of the Companies Commission of Malaysia or SSM for its Malay acronym. It aims to automate financial and non-financial data submission by registered companies. As for the financial elements of the system, the ones included are Cash Flow Statement, Statement of Comprehensive Income or Income Statement, Statement of Changes in Equity, Balance Sheet or Statement of Financial Position, and Cash Flow Statement.
The electronic language allows financial and business data processing and communication automatically. Different sectors have adopted the XBRL Malaysia system including regulators, governments, and organizations. Using the system offers major benefits especially in terms of efficiency and speed, improved accuracy, and cost savings. Key players that utilize the MBRS are those that supply or use financial data.
XBRL Initiatives in Malaysia
The initiatives for the XBRL Malaysia are still in their infancy stage especially with the primary leadership of regulators in the implementation of XBRL filings. The Malaysia XBRL Body enables organizations and regulators to work together in effectively planning the initiatives to their implementation. Sharing of knowledge and collaboration could improve awareness as well as understanding of the eXtensible Business Reporting Language and its uses.
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Professionals and regulators comprise a steering committee that serves as a way to communicate and share XBRL activities among members of the committee. The upsides of using the online submission tool are highly deemed in Malaysia particularly in enhancing the capital market. Business reporting is another focus of XBRL Malaysia, specifically the administration of data filing, submission, and maintenance of data. More and more coordinate efforts are now promoted to develop and push for the adoption of XBRL in Malaysia as electronic business reporting standard.
Primary Objectives and Goals
XBRL Malaysia aims to acknowledge, rectify, and extend the variations to the MNT or Malaysian National Taxonomy basis. The developed MNT should be kept up to date in order to keep up with international developments. The efforts require representatives from stakeholders and key players in the industry including regulators, professional bodies, and interested parties.
XBRL Malaysia is a remarkable effort in the enhancement of business reporting in Malaysia. It is a necessary element that all business sectors should comply with, regardless of the size and features of your business.
Read more about XBRL here.