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XBRL for SSM Filing

Suruhanjaya Syarikat Malaysia (SSM) has introduced a new online submission platform called the Malaysian Business Reporting System (MBRS) that requires all companies to submit their Annual Financial Statements in an XBRL format digitally.

Under the new regulation, all Malaysian incorporated companies and foreign companies registered under the Companies Act 2016 will be required to digitally file a full set of financial statements under the MBRS in XBRL file format unless otherwise exempted.

As a XBRL solution provider, we help several Companies, Auditing, and Secretarial firms in Malaysia to successfully convert financial statements into XBRL format to comply with SSM.

With the initiative of MBRS, XBRL filing in Malaysia by SSM, DataTracks, with experienced experts in XBRL reporting under both MFRS and MPERS standards, provides you with a fully compliant and 100% error-free XBRL report that will meet the SSM requirements.

MBRS - XBRL Tagging Service

DataTracks provides XBRL preparation service to help you file XBRL through MBRS to SSM, during voluntary phase as well as in the future once XBRL is mandated to all businesses.

FATCA/CRS Reporting

The FATCA/CRS reporting services from DataTracks aim to assist financial enterprises in linking accounts of individuals and entities across different business units, facilitating aggregation by referring to data elements such as customer name, ID and tax identification number.

CbCR Reporting

The BEPS (Base Erosion and Profit Shifting) Action Plan 13 by OECD describes the Country-by-Country Reporting (or CbCR) framework for multinational companies to report the key metrics with an appropriate tax authority. With DataTracks’ one-stop solution for all CbCR, compliance has become easier and simpler by uploading pre-mapped Excel template and generating jurisdiction specific XML output.

DataTracks Aurora

The latest version of our AI-driven automated MBRS conversion tool – DataTracks AURORA. With this enhancement, we’re now able to generate XBRL files in under 15 minutes, with full compliance with SSM requirements and uncompromised accuracy.

DataTracks Oxbow for FATCA/CRS Reporting

With DataTracks Oxbow users can perform complex regulatory submissions with ease. Regulations such as FATCA/CRS, CBCR and MIFID are covered, generating fully valid outputs in formats such as XML. The latest version of DataTracks Oxbow is an AI-driven automated MTD for VAT conversion tool with a capability to generate XBRL files in under 15 minutes, with full compliance and uncompromised accuracy.

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MBRS XBRL Reporting

FATCA/CRS Reporting

I'm new to SSM MBRS. What exactly is it, and how does it affect my business?

SSM MBRS is the Malaysian Business Reporting System mandated by the Companies Commission of Malaysia (SSM). It requires companies to submit Annual Returns and Financial Statements in a specific digital format called XBRL. Failing to comply can result in penalties and affect your business standing. DataTracks helps you easily meet these requirements, simplifying your XBRL filing process.

What are XBRL services and why are they important?

XBRL services include the conversion of financial statements in Word, Excel, or PDF, tags with corresponding data elements with respective regulatory taxonomies, and validation of the final XBRL output via the regulator’s validation tool. These services are crucial for ensuring accurate and timely compliance with various financial regulatory bodies, which include SSM for MBRS filing in Malaysia.

What challenges do companies face in preparing SSM MBRS filings in XBRL format, and how can they overcome them?

Companies often encounter various challenges during the XBRL conversion process for SSM MBRS filings, which include the accuracy of the XBRL output knowledge and XBRL expertise for correct tagging, the time-consuming process, etc. Partnering with experts in XBRL preparation, like DataTracks, can help organizations overcome these challenges and streamline their financial reporting processes.

How can companies benefit from outsourcing XBRL compliance and financial statement preparation?

Outsourcing XBRL compliance and financial statement preparation can save companies valuable time and resources. It allows them to concentrate on their core business activities, confident that their financial reporting meets regulatory standards. Choosing DataTracks as your outsourcing partner ensures not just compliance but a trusted ally committed to accuracy and efficiency in navigating the dynamic regulatory landscape.

How can your MBRS XBRL preparation service assist me?

Our MBRS XBRL preparation services streamlines the conversion of your financial documents into the SSM-compliant MBRS XBRL format. It comes with features designed to streamline the tagging process, reduce errors, and save time, making your SSM MBRS filing process more efficient and reliable.