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How to Prepare XBRL / MBRS Financial Statements for Filing with SSM?

In Malaysia, both public and private companies must register with Suruhanjaya Syarikat Malaysia (SSM), the Malaysian Regulator. In 2018, SSM introduced a digital submission platform, Malaysian Business Reporting System (MBRS), based on the XBRL format. MBRS allows for the annual digital filings of the following:

  • Annual Returns (AR)
  • Financial Statements and Reports (FS)
  • Exemption Applications (EA) related to AR and FS applications

With the XBRL mandate just around the corner, companies in Malaysia must move towards MBRS filing of financial statements to comply with SSM requirements. The following blog discusses how businesses can prepare their financial statements in XBRL format for MBRS filing with SSM. Read on to find out. 

Prepare and Generate XBRL Reports for SSM MBRS Filing

There are three components of MBRS: SSM taxonomy, the MBRS preparation tool, and the MBRS portal. The MBRS preparation tool or mTool is used to prepare XBRL reports, which can be submitted through the MBRS portal or mPortal. Preparers should also know the financial reporting standards and taxonomies available in XBRL to use the mTool. 

  • SSM Taxonomy (SSMxT): It includes financial and non-financial reporting elements of AR, FS, and EA embedded in the mTool. The SSM taxonomy is based on Malaysian Private Entities Reporting Standards (MPERS) for private companies or Malaysian Financial Reporting Standards (MFRS) for public companies. 
  • MBRS Tool (mTool): It is an excel-based tool that allows companies to prepare and generate annual returns, financial statements, and exemption applications in XBRL format using the latest SSM taxonomy. 
  • MBRS Portal (mPortal): It is a submission platform that allows users to file online XBRL reports generated by the mTool. Furthermore, the tool lets users download the required templates, use digital signatures, track the submission status, utilise payment facilities, etc. 

 

Step-By-Step Guide to Prepare XBRL reports of Financial Statements for MBRS Filing

XBRL reports for SSM filing can be prepared using the three components of MBRS. The following are the steps to generate financial statements on the mTool:

  • From the launch page of mTool, you need to select one of the three submission types: Annual Return, Financial Statements, or Exemption Applications. 
  • Fill in the information as per the “Filing Information” window to create the MBRS template. 
  • Complete the scoping questions.
  • Complete the MBRS template by extracting relevant data from audited financial statements and mapping them to the appropriate cells in the template. 
  • Execute validation checks and rectify errors. 
  • Generate an XBRL/MBRS upload file. 
  • Upload the XBRL/MBRS file on the mPortal. 

Get Professional Assistance to Prepare XBRL / MBRS Financial Statements 

Are you looking to get error-free financial statements prepared without shifting your focus from your core activities? Then outsource your XBRL requirements to a trusted vendor like DataTracks! With 18 years of experience, the experts at DataTracks have successfully prepared over 348,000 compliant reports for more than 23,400 clients. The professionals at the company have extensive knowledge in preparing and validating XBRL reports for SSM MBRS filing. Get in touch with DataTracks TODAY at +60-392-126-125 or email @enquiry@datatracks.my and make a smooth transition to XBRL before the mandate.

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