The Error-free Way to Preparing XBRL Reports for Voluntary Submission with SSM
Awareness of XBRL
XBRL is an electronic language that enables the automation of business information requirements. By using XBRL, companies can effectively prepare, share, and analyse financial reports, statements, and audit schedules. Governments, regulators, and organisations are inclined to adopt this reporting format as it automates the process and communication of financial data as well as improves the business reports’ efficiency and accuracy.
XBRL Initiatives in Malaysia
Even though XBRL is still in its infancy stage in Malaysia, the development and deployment of an XBRL online document submission platform by SSM can significantly improve the administration and maintenance of financial data.
Benefits of Using XBRL
- XBRL Reports are Much More Comprehensive
XBRL is considered to be more extensible as opposed to XML, which makes financial data more identifiable. This is why the financial reports furnished in the XBRL format are more comprehensive as compared to HTML or plain text.
- Very Little Chance of Errors
The rigorous quality checks at every level help crinkle out even the minutest of errors before the final submission of annual returns. This ensures that only the most reliable data is submitted to the SSM, which also means the exchange of high authority financial data among regulators, including tax and financial authorities, the central bank, governments, stakeholders, investors, and other users of business information.
- Automates Business Reporting
Evidently, the implementation of XBRL enables companies to file their annual returns and audited financial statements electronically. Furthermore, it also allows SSM to capture, monitor, and analyse critical financial information from registered companies in Malaysia.
- Improves Transparency and Efficiency of Data Analysis
By enabling analysts and other users of financial information to sort out and analyze the data effectively, this new initiative can improve transparency as well as enhance the efficiency of business’ financial data.
XBRL All the Way
Yes, XBRL is still in the voluntary stage. However, based on the feedback received from companies that have adopted XBRL, it wouldn’t be erroneous to say that XBRL is expected to become the mainstay method of reporting financial information. Simply put, SSM’s new XBRL platform will automate the financial data collection process, transform the submission of annual reports, and allow consumers easy access to financial information. Now the only question that remains is…
Are you ready to hop on to the XBRL bandwagon?
You can make this transition smooth by partnering with a reliable and efficient XBRL service provider like DataTracks. With extensive experience and prowess in XBRL over the past 15 years, SSM taxonomy, and Malaysian accounting standards, the experts at DataTracks are offering a smart XBRL service to save your time.
To reap the maximum benefits of XBRL, please speak to a DataTracks expert @ +60-392-126-125 or write to firstname.lastname@example.org.