Ways to Convert Financial Statements to XBRL for Filing with SSM
In 2018, Suruhanjaya Syarikat Malaysia (SSM) launched XBRL reporting by introducing the Malaysian Business Reporting System (MBRS). Both public and private Malaysian-incorporated companies must file their annual returns and financial statements with SSM-MBRS. The companies need to prepare their XBRL reports following the applicable standards, such as Malaysian Financial Reporting Standards (MFRS for public companies and its subsidiaries) or Malaysian Private Entity Reporting Standards (MPERS for private companies).
Moreover, filers preparing their XBRL reports must know accounting standards and financial reporting to prepare error-free MBRS financial statements. Companies have multiple ways to convert financial statements to XBRL for filing with SSM, which largely depends on the sources available in-house.
4 ways to convert AFS to MBRS or XBRL:
- Develop an In-House Team
- Third-Party Software
- Software-service Providers
- Outsourcing XBRL Report Preparation
1. Develop an In-House XBRL Team
If you think you have enough resources to build an in-house team, hiring a team of in-house experts is your first option for converting financial statements to XBRL. These experts have in-depth knowledge of regulations and taxonomy that govern XBRL filing, helping you prepare error-free reports.
If you are keen on developing an in-house team, you can easily download and install SSM-MBRS’s free MBRS preparation tool. The tool is specially designed to assist filers in preparing MBRS reports from financial statements.
2. XBRL Third-Party Software
Before choosing a third party software to prepare your XBRL reports, ensure that the software has the feature to export data into inline XBRL. This third-party software may include accounting software, enterprise resource planning software, or disclosure management software.
3. XBRL or MBRS Software Service Providers
With the expertise of software service providers, you can fully integrate XBRL reporting into your existing system and processes.
4. Outsourcing XBRL Report Preparation
Hiring and training in-house experts with knowledge of the software can be costly and time-consuming. This is where outsourcing your XBRL needs can help save a large proportion of your time and cost. And not just that, you can even enjoy a streamlined filing experience with an XBRL service provider like DataTracks.
You can send your financial statements in non-XBRL formats, like PDF or word documents, and they send you back accurately tagged XBRL reports after a quality check.
DataTracks – Specialists in XBRL Service for MBRS Filing With SSM
XBRL is here to bring financial reporting into the digital era for Malaysian companies. The choice between an in-house team or outsourcing largely depends on the available resources, expertise, and business requirements.
However, if you choose to outsource your XBRL production and focus on your core activities, a trusted partner like DataTracks can be your ideal choice. With 17+ years of experience in preparing compliance reports for 26 countries, the company is a global leader in compliance reporting solutions. Make your way towards preparing and filing 100% error-free XBRL reports with SSM.
So, what are you waiting for? Get in touch with DataTracks to convert financial statements to XBRL for filing with SSM. You can speak to an XBRL expert @ +60-392-126-125 or email at firstname.lastname@example.org to know more about their services.