Compliance Reporting Made Easy with XBRL through MBRS

Over 1 million companies in Malaysia are required to submit their annual returns in the requisite format every year. And the pandemic has fanned the flames, making it challenging to run operations, let alone focus on preparing annual returns. As a result, the accounting and reporting sector took a hit.

To subside the effects of Covid-19, the SSM decided to mandate the online filing of annual returns through the MBRS system. Through the MBRS system, eligible companies can file annual financial statements in the requisite format. XBRL has become the mainstay method of filing even though it is still in the voluntary stage.

Here’s how XBRL and MBRS systems have made compliance reporting easy:

• Fastrack Submission of Financial Statements

XBRL submission is only a few clicks away with the MBRS system.

The “Malaysian Business Reporting System” (MBRS) is a digital submission platform based on XBRL (eXtensible Business Reporting Language). The MBRS system facilitates the easy submission of financial statements and reports, annual returns, and Exemption Applications (EA) related to FS and AR applications, which is far less complicated and safer than over-the-counter filing.

• Less Number of XBRL or MBRS Errors

Electronic submission crinkles out the errors before final submission.

That’s the beauty of submitting financial statements in the XBRL format. The quality checks, along with tagging and taxonomy compliances laid down by the SSM, ensure that all the errors are pointed out and corrected before the final submission.

• The mTool is a Life Saver for MBRS preparers.

The preparation tool, also known as the mTool, is the most vital feature of the MBRS system that boasts easy and error-free compliance. It is easy to use, even for a beginner and makes the entire reporting process streamlined and trouble-free. The ease and error-free submission are the main reasons why companies prefer to file the XBRL way through the MBRS system.

Make Your Way to XBRL for MBRS

From preparing financial statements to submission, adding a digital signature, and filing payment, the MBRS system has standardized the reporting process. By leveraging the MBRS system, you can expect optimum resource utilization and ensure reporting more accurate information.

A reputable partner like DataTracks is all you need. Boasting 16+ years of extensive experience in the industry, DataTracks has gained prowess in compliance reporting with XBRL. What’s more, the experts at DataTracks stay up-to-date with the latest requirements of SSM, ensuring that your company is compliant.

For more information about their services, please speak to a DataTracks expert @ +60-392-126-125 or email @ enquiry@datatracks.my.