XBRL Submission in MBRS – A Critical Tipping Point for the Malaysian Economy
XBRL is slowly gaining traction in the collection, preparation, and analysis of financial data. Since last year, the Malaysian economy has witnessed drastic changes in the SSM policies as physical reporting is no longer an option. The SSM has shut down over-the-counter reporting, which means online is the only way to go.
But how does XBRL fit into the picture? Is XBRL the final piece of the puzzle? Let’s find out.
XBRL – A Critical Tipping Point
Today, companies have a massive amount of data that needs managing, cleaning, and analyzing. Adding the burden of financial data on top of this mountain is not the solution. The Malaysian economy needs a solution that allows immediate comparison and exploration of data to make the most strategic decisions and support business decisions.
This is where XBRL comes to the rescue.
It is one of the most imperative technological innovations in reporting financial statements. It not only allows companies to submit their financial data in a standardized format but makes comparison and financial communication a breeze. The format in which the data is exhibited makes analysis easy and decisions faster.
What’s more, XBRL caters to the need of individual companies as well as the entire market. On the one hand, it guarantees speed, accuracy, and efficiency of processing information to businesses. And on the other hand, it reassures regulators about reducing errors in re-entering or tagging financial information.
XBRL and the MBRS
In 2018, Suruhanjaya Syarikat Malaysia (SSM) introduced a submission platform based on XBRL, known as the Malaysian Business Reporting System (MBRS). This platform allows the submission of financial statements, reports, annual returns, and exemption applications. Based on the guiding principles of the Companies Act 2016, the MBRS is here to streamline financial reporting for the Malaysian economy.
The real question is — Are you ready to realize the full potential of this powerful technological solution?
Realizing XBRL’s Full Potential
XBRL tagging may not be one of the core competencies of accountants and CPAs. However, gaining expertise in this domain is the only way forward. And honestly, getting familiarized with XBRL tagging is the only way to realize the full potential of this reporting language. Moreover, speculations suggest that soon, SSM will mandate the submission of financial reporting via the MBRS in the XBRL format.
So if you want this transition to be hassle-free, make it now, and make it with DataTracks – a global leader in providing XBRL preparation and tagging services. Having successfully delivered 2,00,000 reports, DataTracks has helped 19,900 businesses realize the benefits of XBRL.
Speak to an XBRL expert @ +60-392-126-125 or email at email@example.com and make your way towards XBRL TODAY!