Effective Tips to Adopt XBRL for the IT Industry in Malaysia
XBRL is new, error-free, and becoming the mainstay method of reporting in Malaysia.
The SSM is promoting the adoption of XBRL because of the several benefits it has to offer. Ranging from the accuracy of business information to quick & efficient tagging, and of course, the ease of exchanging information are all benefits that are driving more and more companies to adopt XBRL for their annual filings.
Almost every industry ranging from sales, manufacturing to communication, have been on board with XBRL. However, the IT industry, in particular, has been struggling to adopt XBRL due to several misconceptions related to its scope, scalability, and security.
So this is for all the IT companies out there eager but resistant to adopt XBRL.
Practical Tips to Adopt XBRL in Malaysia
- Get Acquainted with XBRL
First, learn all about XBRL. Well, you cannot possibly learn everything, but start with the basics, the tagging, taxonomy, conversion process, how it works, the pre-requisites, etc.
You can quickly gain this information from the internet or scour through the exclusive range of blogs @ https://www.datatracks.my/blog/ that can help you get acquainted with XBRL.
Understanding what XBRL is and how it can benefit and streamline your reporting process can help you trust the solution as well as make it easy to adopt.
- Select a Solution that Offers Scalability
Since the introduction of XBRL, several platforms are offering solutions to ease the transition. However, some come with constraints such as limiting the number of contributors, zero/limited technical support, and restricted access to exchange/upload information.
You want an XBRL solution that enables you to scale the number of users as per your business’s requirements. Such scalability can ensure better inputs, and the better the inputs, the more accurate the reports. And as far as technical support goes, as a beginner, you need expert guidance to work through the system and understand the intricacies of preparing XBRL reports.
So look for a solution that offers scalability and technical support.
- Create a Culture of Proactive Compliance
The word compliance scares some business owners into thinking that more compliance means more rules to be followed, and even one misstep can result in your company being audited.
If that’s the case, XBRL should be the new best friend of your reporting system.
The XBRL solutions available in the market boast of agility, which means they are updated regularly with the latest compliance requirements of SSM. So you don’t need to fret about compliance; you simply need to set timers and schedule audits to ensure proactive filing.
This approach can help you stay away from the eyes of auditors and result in a more streamlined process.
Find a Reputable XBRL Service Provider and Get Started With XBRL
Adopting XBRL is not as difficult as it seems. A reputable XBRL service provider like DataTracks is all you need. The 16+ years of experience and 1,95,000+ successfully generated compliance reports have allowed DataTracks to set itself as a pioneer in this domain. What’s more? The professional experts at DataTracks are well-versed with Malaysian taxonomy and XBRL tagging, so quality and error-free XBRL reports are a no-brainer.
To know more about XBRL adoption and DataTracks’s agile XBRL solution, please speak to an expert @ +60-392-126-125 or email at email@example.com