The Significance of Malaysian Business Reporting System
In Malaysia, all firms (public as well as private) have to register themselves with Suruhanjaya Syarikat Malaysia (SSM), the Malaysian regulator. Its responsibility is to improve and promote the supply of business details and create a facility in which the public can analyze the required corporate information. Starting from November 2018, SSM has made it essential to submit particular reports digitally in XBRL. Such a mandate will enable SSM to instantly analyze the reported data and help investors in Malaysia.
SSM has also introduced a new system known as the Malaysian Business Reporting System (MBRS). The main aim of the project is to digitalize the financial reports and annual returns of organizations. It is based on eXtensible Business Reporting Language (XBRL) format. This format enables compliance necessary as per Companies Act 2016. Here are some of the distinctive features of MBRS-
What is MBRS?
MBRS is an online tool which lets all companies that are based in Malaysia to submit their financial returns and annual returns in a simple, smooth manner. Now you can do away with the hassle of handling everything on an Excel sheet of a PC, print pages of reports and travel to places by submitting online.
Plus points of MBRS
Some of the major advantages of MBRS are mentioned below-
- It minimizes the time and cost for acquiring financial and nonfinancial details. It saves time spent on data entry efforts or data format conversion.
- The details shared can be translated into multiple languages.
- It improves corporate compliance procedures since all accounts are shared as per existing accounting standards.
- MBRS improves data integrity and reliability. The tool comes with a validity check feature and automated calculations to resolve errors.
- It enables analysis of financial reports to ensure wiser decision making by stakeholders. It also helps in ensuring matters related to compliance and investigation.
- It ensures enhanced data analysis and quality.
- Data filings made on MBRS go through validation checks and are protected via a digital signature. This enhances data accuracy and makes sure that it is authenticity. The mPortal system comes with a help page, guidance, and elements information and helping to make smooth data entry.
How is the tool beneficial for business?
One of the major benefits of preparation tool is that you can access and use it offline as well. The person who is handling submission filing could start to prepare FS, AR or EA either in their PC or laptop at a place and time which is suitable for them. It makes the process of work delegation easier and quicker. The MBRS information will also be standardized in the days to come. Therefore MBRS has emerged as one of the major tools for Malaysian businesses as it helps in the prompt, fast and faultless submission of financial statements, annual reports, and exemption applications. It offers various features and benefits include the presence of a usable tool with labels in English and Bahasa Malaysia. The system is highly safe and caters to highly traffic submissions during peak periods and offers firms with flexibility for companies to access them at any place or time whenever they want to.