Malaysian Business Reporting Standard ( MBRS ) – A Revolution of Annual Returns Submission
The Suruhanjaya Syarikat Malaysia (SSM) introduced an online submission platform based on the eXtensible Business Reporting Language (XBRL) format in 2018. This submission platform, known as the “Malaysian Business Reporting System” ( MBRS ), allows for the annual submission of:
- Financial Statements and Reports (FS);
- Annual Return (AR); and
- Exemption Applications (EA) which are related to the FS and AR applications
The objective of implementing this submission platform is to go paperless or reduce the usage of hard-copy submissions of annual returns.
MBRS Release 1 was issued in January 2018 and businesses are now able to download the MBRS Preparation Tool (mTool) for free at www.ssm.com.my. MBRS Release 2 is expected to be launched in the near future and this will enable companies to submit, prepopulate the AR data and manage the company’s dashboard via the portal.
The MBRS contains three major components that are: –
- XBRL – Extensible Business Reporting Language
It is a computer readable language that standardises the terminologies of business reporting. It is commonly used by more than 100 regulators over 60 countries, with Bank Negara Malaysia among them.
- mTool
It is a utility that is Excel-based that allows users to generate the filing forms for preparing financial statements, annual returns and importing data from MS Word, etc. into the portal
- mPortal
It is the online submission platform that allows users to:
- submit online all filing created using mTool
- download the Template
- check submission status updates
- generate reports
- utilise the Digital signature facility
- utilise the online payment facility, and more.
The system is expected to benefit companies ranging from Sdn Bhd to Bhd and Foundations in terms of time saving and cost effectiveness. With the currently manual submissions, companies or company secretaries must bring documents to SSM for submission which can be in huge volume, especially during peak season with tens of thousands of submissions to process in a day. SSM has to manually scan these documents and input them into their system. With the new online portal, it definitely reduces processing time and human errors.
The system is extremely secure and caters for high traffic submissions during peak periods and provides flexibility to companies to access them anytime, anywhere.
The implementation is carried out in two phases. The first phase allows companies to practise using the system. SSM is conducting series of training sessions throughout the year for accountants, company secretaries, auditors, directors and other stakeholders to learn and get familiar with the system. Subsequently, these systems will become mandatory for companies
For more information, visit our website at https://www.mbrs.com.my
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