Existence of XBRL: A Boon or Bane for Companies in Malaysia?
Although XBRL is still in its infancy stage in Malaysia, the reporting process is expected to become the mainstay method of submitting financial information to the Suruhanjaya Syarikat Malaysia (SSM). The sole reason behind this is the flexibility it offers in the exchange and maintenance of financial data. However, there has always been uncertainty concerned with the adoption of XBRL. Businesses all across Malaysia are hesitant about transitioning to this new reporting process. So let’s put this hesitation to rest once and for all.
Benefits of Transitioning to XBRL
● Making Informed Decisions with Standardised and Collated Reports
By providing a standardised format for the preparation, calculation, and presentation of financial reports, XBRL allows managers as well as other decision-makers to compare past reports and make data-driven decisions. This is definitely a major advantage of transitioning to XBRL.
● Increased Collaboration and Flexible Scalability
Data migration with XBRL is immensely easy, especially when you need to collaborate with people outside your organisation. XBRL uses a standard format of reporting, which is both machine and human-readable. So you can rest assured that the data you share with potential investors or stakeholders will be of high authority.
● Automation of Business Reporting
The biggest upside of switching to XBRL is the automation of the entire financial reporting process. XBRL allows companies to file their annual returns and audited accounts electronically. In addition, it also enables SSM to capture critical financial information in a standardised format. This makes providing analytical insights into the Malaysian business landscape all the more transparent.
In a Nutshell – XBRL Reporting is Boon for Malaysian Companies
The XBRL reporting process is flexible and supports every aspect of the Malaysian accounting system, which makes it simpler for companies to comply with SSM’s filing requirements. With a dependable and reputed partner like DataTracks in your corner, you can make this transition smooth and error-free. Boasting 15+ years of extensive reporting experience and a stronghold in the MBRS taxonomy, DataTracks is the one-stop solution for all the XBRL needs.
To know more about their services, please speak to an expert @+60-392-126-125.