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Malaysian Business Reporting System

Suruhanjaya Syarikat Malaysia (SSM) will be introducing a submission platform based on the eXtensible Business Reporting Language (XBRL) format in 2018.

This submission platform will be known as the “Malaysian Business Reporting System” (MBRS) which allows for the annual submission filing of:

– Financial Statements and Reports (FS);

– Annual Return (AR); and

– Exemption Applications (EA) which are related to the FS and AR applications.

What is XBRL?

XBRL is the open international standard for digital business reporting, managed by a global not for profit consortium, XBRL International. We are  committed to improving reporting in the public interest. XBRL is used around the world, in more than 50 countries. Millions of XBRL documents are created every year, replacing older, paper-based reports with more useful, more effective and more accurate digital versions.

In a nutshell, XBRL provides a language in which reporting terms can be authoritatively defined. Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports. XBRL lets reporting information move between organisations rapidly, accurately and digitally. XBRL International, Inc.

https://www.xbrl.org/

The guiding principles behind the MBRS is based on the following financial and non-financial scopes as stated below:

1. Companies Act 2016;

2. Applicable approved accounting standards for financial statements of :

a. Malaysian Private Entities Reporting Standards (MPERS) for private company that –

– is not itself required to prepare or lodge any financial statements under any law administered by the Securities Commission Malaysia or Bank Negara Malaysia; and

– is not a subsidiary or associate of, or jointly controlled by, an entity which is required to prepare or lodge any financial statements under any law administered by the Securities Commission Malaysia or Bank Negara Malaysia or

b. Malaysian Financial Reporting Standards (MFRS) for public company.

The Release & Launching of MBRS

MBRS Release 1

SSM will allow the stakeholders to download the MBRS Preparation Tool (mTool) for free with the following purpose:

1. To allow the public to sufficiently test the elements captured in the mTool displaying the reporting details of the AR, FS or EA;

2. To allow the public to test and familiarized themselves with the functionalities and capabilities of the free mTool provided by SSM; and

3. To ensure the public has sufficient time to attend the training programmes organized by SSM.

For a better view of the mTool, please download the mTool Installer (based on your computer’s compatibility) using the link provided below:

– mTool Installer 32 bit version; or

– mTool Installer 64 bit version.

For a step by step installation guide, please refer to the MBRS Preparation Tool Release 1 Installation Guide.

MBRS Preparation Tool Release 1 User Manual will be explaining on the basic functionalities and capabilities of the system.

MBRS Launch

The MBRS Portal will be launched by SSM in the second quarter of 2018. Once launched, the company may submit, pre-populate the AR data and manage the company’s dashboard via the portal.

The Scope of Submission

Users can get a clearer idea of which types of filing are allowed under the MBRS submission platform from the “MBRS Summary – Scope of Submission”. Users can choose to view the AR, FS, or EA respectively in the MBRS Preparation Tool launch window once the MBRS Preparation Tool is successfully installed.

MBRS Training

SSM has initiated a strategic collaboration with Partners in fulfilling SSM’s objective to accomplish the stakeholders with comprehensive MBRS knowledge in a consistency manner.

MBRS training programmes offered by SSM and our Partners are divided into two:

Introduction to MBRS (MI)

Overview of the full MBRS submission platform including optimizing the use of the MBRS Preparation Tool (mTool), registration for user in MBRS Submission Portal (mPortal), digital signature registration and submission flow of AR, FS or EA under MBRS.

MBRS for Preparers – Financial Statements (MP)

Hands-on training for preparers especially in optimizing the mTool functionality for submission of financial statements and reports.