Get ready to convert your Financial Statements to XBRL format.
Malaysian Business Reporting System (MBRS) is a digital filing system based on the eXtensible Business Reporting Language (XBRL) format.
On 26 November 2024, the Suruhanjaya Syarikat Malaysia (SSM) announced the mandatory implementation of MBRS 2.0 in three phases commencing from 1 December 2024.
To lodge the financial statements with SSM, all companies (including foreign companies registered in Malaysia), must now prepare their full set of financial statements in XBRL format. Previously exempted financial institutions regulated by Bank Negara Malaysia (BNM) are also included in this new requirement.
MBRS 2.0 is introduced based on the latest Malaysian Financial Reporting Standard (MFRS), Malaysian Private Entity Reporting Standard (MPERS), the revised requirements under the Companies Act 2016 (CA 2016) and now also includes taxonomy updates for submission under the Companies Act 1965 (CA 1965).
The MBRS platform allows for the submission of:
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Annual Returns (AR)
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Financial Statements (FS) and Reports
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Exemption Applications (EA) related to the FS and AR.
What are the benefits of XBRL?
As a globally implemented business reporting standard used in over 60 countries, XBRL provides a standardised framework for reporting financial data, which improves clarity and comparability across submissions. This enhances data integrity, reliability, and the transparency of a company’s financial reporting, which is important for building trust with stakeholders.
Since the Go-Live of MBRS 2.0 on 25 September 2024, the SSM has implemented XBRL filing in three phases.
