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XBRL Filing in Malaysia – A Quick Refresher before 2020 Tax Preparation

We are already halfway into 2020, and everyone is undoubtedly happy going back to work post-lockdown. But with the tax season coming up, it’s not just the core business activities that companies will be looking forward to. Filing taxes has always been a hassle and even more so grim with so many compliances and regulations, […]

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DataTracks XBRL Malaysia

Why SSM has introduced MBRS?

For over a decade now, one of Suruhanjaya Syarikat Malaysia or SSM’s main goals has been XBRL adoption. This drive for adoption dates to 2010 in accordance with the 2010-2014 Second Strategic Direction Plan by SSM. The primary objective behind SSM’s XBRL drive is to ensure financial reporting surpasses paper-based submissions to maintain transparency and […]

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3 Vital Reasons to Hire Experts for XBRL Filing During & Post COVID 19

It has been a difficult time for organisations worldwide as the economy has come to a startling halt to curb the spread of the life-threatening COVID 19. While you may have already begun strategizing your company’s revival post the epidemic phase, you should also be focusing on more pressing matters like the filing of your […]

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SSM, Reactivating Online Services to Mitigate the COVID 19 Challenges!

As the world fights the COVID 19 pandemic, it’s time that each one of us extends our support and diligently follows the directives of the government so that we can overcome this global crisis. In line with the Movement Control Order (MCO) across the country to prevent further spread of the virus, the Companies Commission […]

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Decoding the Malaysian Business Reporting System by SSM

In November 2018, the Companies Commission of Malaysia, i.e., Suruhanjaya Syarikat Malaysia (SSM), shifted their approach of business reporting from print or over the counter to XBRL standard of reporting using MBRS. By introducing MBRS, SSM has aimed to achieve compliant digitization of annual returns (AR), financial statements and reports (FS), and exemption applications related […]

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How XBRL will be the Future of Business Reporting System in Malaysia?

“The McKinsey Global Institute estimates that, compared with the Industrial Revolution of the late 18th and early 19th centuries, modern technology’s disruption of society is happening ten times faster and at 300 times the scale. That means roughly 3000 times the impact.” Given the above statement, it’s a known fact that financial regulatory boards across […]

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Who will benefit from using XBRL in Malaysia?

In 2018, the Companies Commission of Malaysia or the Suruhanjaya Syarikat Malaysia (SSM) decided to introduce the Malaysian Business Reporting System (MBRS) and use XBRL for filing annual financial statements. The importance of XBRL is not just for the IT department, but extends to every party relevant in preparing and using the report. It is […]

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DataTracks - Malaysia -MBRS, XBRL

SSM introduces New Company Registration Number Format – Key Updates.

 SSM (Suruhanjaya Syarikat Malaysia) has introduced a new 12-digit registration number format for business entities registered with the Companies Commission of Malaysia, effective 11th October 2019. This decision has been taken for better control and ease of information. This certainly is a good step in the right direction! The objective of implementing this new registration number is […]

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Malaysian Business Reporting System (MBRS) – What you need to know

In Malaysia, all companies (both public and private) need to register themselves with the Malaysian Regulator, Suruhanjaya Syarikat Malaysia (SSM), and these companies have to submit their financial information to SSM once every year. The regulator’s role is to enhance and promote the supply of corporate information and to create and develop a facility whereby […]

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MBRS in a Nutshell

The Companies Commission of Malaysia, or Suruhanjaya Syarikat Malaysia (SSM), recently announced a new submission filling system called the Malaysian Business Reporting System (MBRS). Based on the eXtensible Business Reporting Language (XBRL) format, it allows for the submission of: Annual returns (AR) Financial statements and reports (FS) Related exemption applications (EA)   Before going into […]

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