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Are your financial statements XBRL ready?

Are your financial statements XBRL ready?

In October 2017, Malaysia’s Suruhanjaya Syarikat Malaysia (Companies Commission of Malaysia) announced changes to the filing requirements of Malaysia incorporated companies. These changes will take effect from 1 January 2018. 

Are you prepared?
Under the revised requirements, all Malaysia incorporated companies (unless exempted) will be required to file a full set of financial statements in XBRL format. The file must comply with the minimum requirements reflected within SSM XBRL Taxanomy 2017 (SSMxT 2017)

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

- Have you fully understood the revised XBRL filing requirements and changes and the impact these new requirements will have on your company’s financial reporting process?

- Who in your company will be responsible for managing the XBRL preparation process and is there adequate time for training, process development and quality assurance check?

- Do you have the adequate resources to prepare the documents according to XBRL standards and the right level of participation to ensure completeness and accuracy of information?

Consider this:
It may be more efficient to outsource the preparation of XBRL financial statements. With trained professionals preparing the financial statements according to filing requirements, you can dedicate your time and attention to reviewing and ensuring the completeness and accuracy of the information.

How KPMG can assist you
Let our team of experienced professionals help you get your financial statements XBRL-ready. We will present your financial statements in accordance with the requirements of SSMxT 2017. 


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