Ways to Convert Financial Statements to the XBRL Format
The SSM taxonomy has adopted 5,815 IFRS elements for the MFRS – Malaysian Financial Reporting Standards (for public companies and its subsidiaries) financial statements and 2,364 elements for the MPERS – Malaysian Private Entities Reporting Standard (for private companies) financial statements.
And issuers preparing their FS in the XBRL format must know about these elements and get acquainted with the accounting standards to prepare error-free MBRS financial statements. These are a lot of elements to take care of and understand but there are multiple ways to prepare XBRL reports hassle-free.
Option 1: Hire an In-House XBRL Expert
You can hire a full-time resource who has the experience and expertise to prepare XBRL financial statements. These experts have the prowess and in-depth understanding of XBRL, so they can help you curate accurately tagged XBRL reports. And as far as software requirements are concerned, you can download and install SSM-MBRS’s free MBRS preparation tool. This tool is designed to assist experienced filers in preparing and generating MBRS reports from FS.
Option 2: Outsource XBRL Production
Hiring an in-house expert is a full-time commitment, which means you need to provide him/her office space, a desktop/laptop, paid leaves, and the works. This turns out to be a hefty investment, which is why most companies prefer to outsource the preparation of XBRL to service providers like DataTracks. You send them the existing financial statements in non-XBRL format, and they send you back accurately tagged, and quality checked XBRL files.
Option 3: Third-Party Software
If you prefer to choose this option, ensure that the software has a feature that allows you to export data into inline XBRL. However, the challenge with this option is that you need to collate data from multiple sources, including accounting software, ERP, disclosure management, etc. And this can become tedious and complex very quickly.
DataTracks – The Ideal Choice for XBRL Preparation and Conversion
DataTracks, a global leader in XBRL services, can be the ideal partner for companies seeking to outsource their financial reporting process. The army of experts at DataTracks has 16+ years of experience in preparing XBRL reports for countries like the UK, India, Singapore, South Africa, and Malaysia. So rest assured, quality and error-free XBRL reports are the top priority. Moreover, the service provider is also offering a free XBRL pilot project. Share your financial statements in a non-XBRL format, and DataTracks will convert them into XBRL for FREE.
A simple and innovative solution for XBRL preparation is here. Speak to a DataTracks expert @ +60-392-126-125 or email at firstname.lastname@example.org and make your way to error-free XBRL reports!