XBRL Taxonomy Updates and Their Impact on SSM Filing for Financial Institutions

The eXtensible Business Reporting System is a highly advanced and organised digital data and financial reporting system. With its many advantages to the users, such as enhanced efficiency, accuracy, cost savings, etc., it is emerging as the most reliable way to maintain data transparency across multiple levels. 

The Malaysian Business Reporting System (MBRS) is based on XBRL formatting for submitting financial-related data to Suruhanjaya Syarikat Malaysia (SSM). Taxonomies are an integral and highly crucial element of the SSM MBRS XBRL filing format. It consists of concepts, tags, elements, labels, etc., that determine the specific data items, their interrelationships, attributes, and more.

There are different taxonomies to meet the specific requirements of different businesses and their reporting.  

Refer:  Financial Reporting Filing Requirements (IFRS) in Malaysia

The Impact of Updated XBRL Taxonomy on Financial Institutions – SSM Taxonomy 2022 (SSMxT 2022)

The updates in XBRL SSM taxonomies 2022 will impact financial institutions significantly. This is primarily because it excels in developing a transparent environment within the business organisation. It has been beneficial in the following ways: 

  • Transparency:

     Accurate and consistent reporting is made possible using XBRL taxonomy’s standardised collections of codes and definitions. By decreasing errors and inconsistencies in the data that financial institutions submit, updated taxonomies can increase transparency, accuracy, and consistency of financial reporting.

  • Compliance with Regulations:

    Financial institutions are frequently compelled to use XBRL when submitting financial reports to regulatory bodies. Changes in accounting standards, legislation, or reporting obligations may be reflected in updates to XBRL taxonomies. Financial institutions must ensure that their reporting systems align with these developments to continue to comply with regulatory requirements.

  • Efficiency and Automation:

    Revised XBRL taxonomies can add better features and structures that increase the automation of gathering, transforming, and reporting data. The efficiency of financial institutions can be improved by eliminating the chances of human errors. 

  • Cost and Time Effective:

    Initial costs, such as staff training and software updates, may involve implementing revised taxonomies. However, the long-term advantages of time savings, fewer errors, and enhanced reporting processes frequently surpass these preliminary costs. The implementation costs will also drop as the XBRL ecosystem develops and technologies become more accessible.

Why Choose DataTracks XBRL Filing Services?

DataTracks comprises a team of SSM MBRS XBRL reporting experts who make filing business reports easy. A reliable name that has been ruling the market since 2005, we have prepared more than 348,000 reports and assisted more than 23,400+ clients. 

Our outstanding work has allowed us to rank among the top three positions in the Independent Global League Tables. As an organisation, we understand and acknowledge the importance of staying updated with the latest changes and modifications to prepare seamless reports for you.

For accurate and error-free reports that comply with your country’s regulations, contact DataTracks at +60-392126125 or email @enquiry@datatracks.my.

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