How Can XBRL Filing Affect Your Business?
XBRL and Your Business
Since the introduction of MBRS, the entire Malaysian financial reporting economy has witnessed significant growth. XBRL, not only helps reduce mechanical data entry and eliminates entry errors, but also encourages healthy analysis of data, providing better transparency. It is a pivotal tool that allows your stakeholders to gain access to your business’s high-quality financial data.
XBRL: The Approach To Error-free Reporting
XBRL reporting is nothing but a standardized format of electronically reporting the financial information to SSM. However, in addition to transparency and reducing tedious data entry tasks, XBRL also boasts error-free filing. With the rigorous quality checks at every point, the MBRS system ensures that inaccurate data is not being reported.
How Does it Affect Your Business?
Many ways in which XBRL can affect your business include:-
● Interoperability of Systems
The existing system does not allow the easy exchange of data. By standardizing reporting formats, you can refer to a common standard to transform your data, so it is easily transferable.
● Greater Transparency
XBRL is a global standard language of reporting financial statements that are tightly secured with stringent quality checks at every point. So rest assured, before final submission, all the errors will be pointed out, leading to better transparency.
● Value Addition
XBRL allows customization of data to provide tailored information based on specific users such as investors, auditors, analysts, etc. This adds value to the data being reported as it highlights information based on the end-user.
● Decreased Costs
The lack of a common standard can increase your analysing data costs considerably. However, with XBRL, the format is standard, which means there is no hustling to look for patterns over the years. Everything is reported in the exact same format as it was last year or the year before that. This can help you reduce costs, especially in the data analysis aspect of your business.
MBRS and XBRL Taxonomy – It All Fits Together
Simply put, XBRL can be used by your investors, stakeholders, auditors, or any other user to disclose financial information effectively. The use of XBRL-based financial reporting is increasing exponentially, and if you don’t want to be left behind using the painstakingly long and inaccurate orthodox methods, consider switching to XBRL – the error-free way of reporting.
With a partner like DataTracks by your side, you can make this transition smooth. Boasting 15+ years of experience and 185,000 compliance reports worldwide, DataTracks can prove to be your ideal XBRL partner. So speak to an expert today @ +60-392-126-125 and leverage every benefit that XBRL has to offer.