XBRL Is Getting Mandated Soon! Here’s How You Can Learn About It
The financial reporting landscape in Malaysia is in for a major transformation. With reports circling the mandate of XBRL, Malaysian companies will need to transition to this new format of reporting their annual financial statements. However, to do that effectively and accurately, a basic understanding of XBRL is a must.
Even if you decide to outsource or hire an in-house expert, you must know the how, what and why of XBRL. So here are some expert recommendations on how you can get acquainted with this new reporting mandate.
Read as much as You can but ONLY from Credible Sources
Whether you choose to gain in-depth knowledge about XBRL through blogs or textbooks, ensure whatever you are reading is from a reliable and trustworthy source. For an XBRL novice, a short guide, blogs, or even online training sessions can be of immense help. So start there. And once you’ve acquired a basic understanding, move on to textbooks to understand the Malaysian reporting system and SSM’s (Suruhanjaya Syarikat Malaysia, the regulatory authority of corporate and business affairs in Malaysia) filing requirements.
For instance, you can check out this insightful blog from XBRL International (https://www.xbrl.org/the-standard/what/an-introduction-to-xbrl/) covering the A-Z of XBRL, including what XBRL is, what does it do, who can leverage it, etc.
Learn about XBRL Mandate for SSM in Malaysia:
Reach Out to an XBRL Expert
If you are striving to gain in-depth knowledge about the filing requirements and how it affects your business, you can also seek expert guidance from your chartered accountant or CFA. However, find one with years of experience in XBRL and one that can comprehensively explain the reporting standard.
For instance, you can reach out to DataTracks, a global XBRL preparation and conversion leader for over 16 years. The financial experts at DataTracks have in-depth knowledge of Malaysian taxonomy and the latest filing requirements of SSM.
Or You can Hire an XBRL Expert!
Remember, you don’t need to be an XBRL whiz; that’s what the experts are here for. Instead of learning all about XBRL, you can gain beginner-level knowledge and outsource the entire process to a reputed service provider.
DataTracks, a regulatory and compliance expert in XBRL, can be the ideal choice. Boasting the successful delivery of over 200,000 reports to 19,900 clients worldwide over 16 years of the regime, DataTracks can prove to be the perfect XBRL solution provider. From setting up data models and templates to writing narratives, tagging content, and extracting reports, DataTracks takes care of everything.