XBRL for MBRS Filing: What is the Difference Between AR and FS?
Before 2018, public and private companies in Malaysia used to submit their annual filings to SSM via print or over the counter. The SSM introduced the XBRL submission platform MBRS to shift Malaysian companies toward digital reporting for increased transparency and a streamlined filing process. With this implementation, the SSM requires all public and private companies listed with it to file their reports in the XBRL format.
The MBRS system requires the annual submission of:-
- Financial Statements and Reports (FS)
- Annual Return (AR)
- Exemption Applications (EA)
Since its launch in 2018, many financial statements and annual returns have been digitally submitted on MBRS. However, before preparing and submitting your AR and FS with SSM, it is critical to know the difference between the two. Read on to understand the requirements of AR and FS for MBRS filing.
What is an Annual Return?
An annual return is the summary of the company’s profile, consisting of its general information, filed every year with the SSM. It must be signed by the director and submitted within one month after the company holds its Annual General Meeting (AGM). The contents of an annual return include:-
- Address of the registered office
- Business office address
- Branch office address
- The primary business activities of the company
- Total authorised capital registered
- Total paid-up capital
- Particulars of the company directors
- Appointed company secretary
- List of shareholders
Simply put, an annual return is a form notifying SSM about any material changes of information related to the company. Non-compliance to these requirements can result in a penalty for the company.
What is a Financial Statement?
The company’s annual financial statements reflect a true and fair picture of the performance and position of a company. It includes the income statement, balance sheet, and statement of cash flows. Unlike annual returns, financial statements are lengthy reports that require the expertise of a professional for preparing XBRL AFS.
The company’s directors are responsible for preparing audited financial statements within eighteen months from its incorporation and afterwards within six months of its financial year-end. Furthermore, the financial statements must be prepared as per the Malaysian Financial Reporting Standards (MFRS) or Malaysian Private Entity Reporting Standards (MPERS).
Seek Professional Assistance to Prepare Error-Free Financial Statements
While XBRL annual returns are simpler to prepare, companies may find it challenging to prepare their annual financial statements in XBRL format. But fret not; all you need is an experienced XBRL vendor to convert your financial statements into an XBRL format without any errors. Enter Datatracks…
If you are looking for financial experts who specialise in SSM taxonomy and XBRL reporting under both MFRS and MPERS standards, DataTracks is your best choice. DataTracks has an expert team of professionals specialising in providing XBRL service for MBRS filing with SSM. With experience of 17+ years in preparing error-free, compliant reports, DataTracks assure quality and reliability in each report generated.
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