Importance of Quality Assurance in MBRS / XBRL Reporting for SSM Filing

Quality is among the most important aspects of XBRL filing. The quality of a company’s XBRL data is its key competitive advantage, now more than ever. Quality assurance helps companies deliver the same financial information in XBRL format as traditional financial statements would do. Furthermore, it allows users of that particular data to easily understand and use the information. Since Malaysian companies are relatively new to the concept of XBRL filing, it is important to understand the importance of quality assurance in XBRL reporting for SSM filing. 

Quality Assurance and Its Importance in MBRS / XBRL Reports

As the use of XBRL has increased worldwide, companies with robust XBRL review processes and controls can more effectively communicate and manage their messages to data users. The higher the usability and quality of XBRL reporting, the more confidence XBRL users will have in the company’s data to make key financial and investment decisions. 

The importance of quality assurance in preparing MBRS / XBRL reports is as follows:

• Gain a competitive edge: Quality assurance in XBRL reporting allows companies to gain a competitive edge. XBRL tagging is not only about compliance. It is also about presenting the company’s financial story that is correct, clear, and not misleading. 
• Make investment decisions: High-quality XBRL data improves credibility, eliminates discrepancies, and prevents misinterpretation. It allows investors and other users to assess and compare company performance, identifying trends that can affect their investment decisions. 
• Standardised information: Quality assurance helps achieve standardised information recognised and understood by all users of the data. 
• Transparency of data: Regulators require certain transparency in data filed by registered companies. Quality assurance help companies maintain the degree of transparency required by regulators.   

Make Your Way Towards Quality MBRL / XBRL Reports With DataTracks

Companies in Malaysia must develop and implement a robust XBRL quality control process with the same precision as other financial reporting processes. These quality control processes may include using the most appropriate tags and publicly-available validation checks, reviewing the XBRL data for accuracy, and constantly reviewing the XBRL reporting quality control. Unless you have years of XBRL taxonomy and tagging experience, hiring an in-house team and implementing a software solution may not offer you enough support for quality assurance concerning the technical aspects of XBRL. This is where outsourcing your XBRL requirements to a third-party vendor can come in handy. 

With 18 years of experience, DataTracks has a team of professionals that can help you file quality data and error-free MBRS / XBRL reports with SSM. The experts at the company have prepared more than 348,000 compliance reports for over 23,400 clients. So now that you know the importance of quality assurance in XBRL reporting, outsource your filing requirements to DataTracks and get quality reports on time. Get in touch with a DataTracks expert at +60-392-126-125 or email @enquiry@datatracks.my to ensure quality XBRL reporting for SSM filing in Malaysia.