How to Get Trained on XBRL for MBRS portal?
In 2018, SSM, the Companies Commission of Malaysia, introduced a new digital reporting and submission portal, the Malaysian Business Reporting System – MBRS portal, for XBRL financial reporting. The portal allows the submission of Annual Returns (AR), Financial Statements (FS), and Exemption Applications (EA) related to FS and AR in the XBRL format. However, since its introduction, learning about XBRL has been challenging due to the inadequate knowledge of this reporting language. Read on and learn how to get help:-
All about XBRL for the MBRS portal and log-in
But before understanding how to learn about XBRL for MBRS, let’s look at the three components of submitting AR, FS, and EA on the MBRS platform:-
- SSM Taxonomy: A specific hierarchical dictionary of the financial and non-financial reporting elements embedded in the mTool for filing AR, FS, and EA.
- MBRS Preparation Tool (mTool): A tool allowing companies to prepare and generate AR, FS, and EA in the XBRL format.
- MBRS Portal (mPortal): An online platform to submit AR, FS, and EA in the XBRL format to SSM.
According to an article in Accountants Today, “Most SMPs are aware of the MBRS but have not yet made the transition. To drive further adoption, SMPs need to understand how the MBRS works in detail and the advantages of the MBRS Preparation Tool.”
This is why SSM has provided training programs for preparers of AR and FS. The MBRS training programs SSM offers include MBRS for annual returns, financial statements, and financial statements (fast track).
Introduction to MBRS Portal – Annual Returns
It is a 4-hour crash course that provides the participants an in-depth understanding of the XBRL format and the MBRS platform. By pursuing this course, you can acquire a working knowledge of the optimized use of the mTool and an understanding of MBRS filing requirements in compliance with the Companies Act 2016.
The course contains the scope and components of MBRS, along with a basic introduction to the MBRS Preparation Tool and XBRL. The best part? The course assists you in avoiding common errors in the filing process via MBRS. Moreover, it helps you prepare and file annual returns and financial reports of Malaysian companies in XBRL format.
MBRS Portal for Preparers – Financial Statements
It is a 2-day course designed to provide first-hand knowledge for entering financial statements into MBRS templates. In addition, it provides a hands-on experience of the mTool for submitting financial statements and Key Financial Indicators (KFI).
This course can help you understand MBRS and XBRL, filing requirements for MBRS in compliance with the Companies Act, 2016, SSM taxonomy, and its use. Moreover, it helps in the validation and rectification of errors.
MBRS for Preparers – Financial Statements (Fast Track)
This 8 hours course (covered in 2 days) is a fast-track program for preparing financial statements. It is specially designed for preparers having an accounting or financial background. It includes an in-depth understanding of filing the MBRS template for KFI and a practical session for filing financial statements on MBRS.
This course introduces MBRS, an understanding of the SSM taxonomy, and MBRS filing requirements. Moreover, it helps in the validation and rectification of the errors, finally generating the XBRL file.
Seeking Professional Guidance for MBRS Preparation Tool and Portal?
The process of financial reporting in XBRL format can be tedious. It is essential to have an accurate understanding of the XBRL format and the MBRS portal. However, if you are still facing difficulty, you can always consult specialists in XBRL service for SSM filing using an MBRS Preparation Tool.
If you are looking for a trusted XBRL partner, DataTracks can be the ideal choice. With an experience of more than 16 years and 200,000 compliance reports, the experts at DataTracks ensure quality and reliability in your financial reporting. Get in touch with an XBRL expert TODAY at @+60-392-126-125 or email email@example.com.