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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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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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