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Are your financial statements MBRS ready?

Malaysian Business Reporting System (MBRS) Services.

MBRS

Suruhanjaya Syarikat Malaysia (SSM) will soon be introducing a submission platform known as the Malaysian Business Reporting System (MBRS) based on the eXtensible Business Reporting Language (XBRL) format.  It is expected to be launched this year with the intended purpose of phasing out over-the-counter manual submissions of Financial Statements and Annual Returns once it is implemented. 

Except for banking, financial and insurance institutions regulated under Bank Negara Malaysia which are exempted from MBRS filing, the upcoming implementation of MBRS will have an impact on the annual submissions of your Company’s financial statements to SSM. 

MBRS

Are you prepared?

Under the revised requirements, all Malaysian incorporated companies and foreign companies registered under Companies Act 2016, will be required to digitally file a full set of financial statements in XBRL format under the MBRS, unless otherwise exempted. The digital filing must comply with the minimum requirements reflected within the SSM Taxonomy (SSMxT).

In planning for your company’s transition to MBRS financial reporting, consider the following :

  • Have you fully understood the forthcoming MBRS filing requirements and the impact of these new requirements on your company’s financial reporting process?
  • Have you identified the person(s) within your company who will be responsible for managing the MBRS financial statements preparation process and is there adequate time for training, process development and quality assurance check?
  • Do you have the adequate resources to prepare your financial statements in accordance to MBRS requirements and ensuring that there is a right level of participation for assurance of completeness and accuracy of information?

Consider this:

It may be more efficient to outsource the preparation of your financial statements in MBRS format. With trained professionals preparing the financial statements according to filing requirements, it will greatly ease and facilitate your digital submissions to SSM. Our team of experienced MBRS professionals will help you make the required transition from manual to digital easily.

MBRS

Please email us at mbrs@kpmg.com.my if you have any questions on your MBRS filing requirements.

Why KPMG

What is XBRL?

XBRL is by definition, an open international standard for digital business reporting. Its primary aim is to improve financial and business reporting and simplify ways for stakeholders to use, share, analyse and add value to data. It is widely used globally by regulators in more than 60 countries.

Amongst its aims are:

MBRS2

About MBRS

The Malaysian Business Reporting System (MBRS) is a digital submission platform which allows for the annual submissions of:

  • Financial Statements and Reports (FS);
  • Annual Returns (AR); and 
  • Exemption Applications (EA) which relate to the FS and AR applications.

It is expected to be launched this year, with implementation in phases for both the AR and FS.

The three (3) main components within MBRS are:

  1. MBRS Taxanomy
  2. MBR Preparation Tool (mTool)
  3. MBRS Portal (mPortal)

In XBRL terms, a taxanomy is a dictionary of reporting labels formulated based on prevailing accounting and regulatory framework. Accordingly, the MBRS Taxanomy for Financial Statements and Annual Returns has been established based on the disclosure requirements for Financial Statements from Malaysian Financial Reporting Standards (MFRS), Malaysian Private Entity Reporting Standards (MPERS) and Companies Act 2016. 

All submissions of Financial Statements and Annual Returns are prepared using the MBRS Preparation Tool and submitted digitally to SSM using the MBRS Portal.

Filing

FS Filing Requirements

Under the MBRS, SSM has issued the following reporting templates:

  1. Financial Statements — full financial reporting for financial statements of public companies and private companies using MFRS, private companies using MPERS, companies limited by guarantee, foreign companies and exempt private companies.
  2. Key Financial Indicator — abridged financial reporting for financial statements of public companies and private companies using MFRS, private companies using MPERS, companies limited by guarantee and foreign companies.
  3. Exemption Application — for all registered companies to file requisitions for specific exemptions in compliance with Companies Act 2016.
  4. Annual Return— for all registered companies to file their Annual Returns as per Companies Act 2016.