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3 Incredible Reasons to Switch to XBRL TODAY!

Why shift to XBRL if it is still voluntary? Why go through the trouble of investing in setting up an XBRL team in-house or hiring an outsourced service provider? Why not follow the old reporting format you’ve been following since the inception of your business? XBRL provides a standard for tagging business and financial reports. […]

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Are you overlooking the Key Benefits of Outsourcing XBRL Services?

XBRL filing and reporting is still in the voluntary phase in Malaysia. However, the cost benefits, the accuracy of services, and increased efficiency that come with implementing XBRL reporting are hard to overlook. Today, XBRL has become the most common reporting format in many countries; Malaysia is no exception. More and more businesses are joining […]

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XBRL Conversion – Are You Making the Right Decision?

XBRL is not a mandate yet in Malaysia. However, it is still the most sought after reporting system and especially amidst the pandemic, XBRL has emerged as a Good Samaritan. But, does it uphold its errorless reporting and high data authority reputation? Is it right for your business? Why use XBRL? Well, to answer these […]

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Why Is It Better to File Annual Financials in XBRL Format Right From The Voluntary Phase?

XBRL Has Set a Foothold in Malaysia The XBRL-based financial reporting system was introduced in 2018, in line with the International Financial Reporting Standards and the Malaysian Financial Reporting Standards (MFRS). However, it wasn’t until after the launch of the MBRS system that XBRL transformed the financial reporting landscape of Malaysia. The earlier you get […]

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How Can XBRL Filing Affect Your Business? 

XBRL and Your Business Since the introduction of MBRS, the entire Malaysian financial reporting economy has witnessed significant growth. XBRL, not only helps reduce mechanical data entry and eliminates entry errors, but also encourages healthy analysis of data, providing better transparency. It is a pivotal tool that allows your stakeholders to gain access to your […]

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XBRL – The Future of Financial Reporting in Malaysia

Imagine a time when you don’t have to visit the SSM (Suruhanjaya Syarikat Malaysia) office to file your financial statements any more. A convenient time, right? Well, that time is now. The XBRL initiative in Malaysia was introduced back in 2018 but is now picking up pace due to COVID-19 lockdown and restrictions. Still, in […]

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Advantages and Disadvantages of XBRL Filing in Malaysia

As the world transitions into the digital space, the shift towards digital reporting for companies in Malaysia is underway. Up until now, all Malaysian-based companies used to submit their financial statements to the SSM (Suruhanjaya Syarikat Malaysia) via print or over the counter. However, with the advent of technology, all Malaysia-based companies other than banking, […]

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Initiatives by SSM To Help Reduce the Impact of Business Communities Affected by Covid-19 Pandemic

The ripple effect of this worldwide shutdown has had an adverse impact on the Malaysian economy resulting in low revenue for almost all business sectors. Considering the current situation and in order to build survival strategies for businesses to cope with the pandemic, the Malaysian government has taken several initiatives. Adding to the effort, SSM […]

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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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