MBRS MBRS MBRS

On 27 September 2018, Suruhanjaya Syarikat Malaysia (SSM) launched Malaysian Business Reporting System (“MBRS”), a digital submission platform based on eXtensible Business Reporting Language (XBRL). MBRS allows for the digital submission of:

• Financial Statements (“FS”);
• Annual Returns (“AR”); and
• Exemption Applications (“EA”) which relate to FS and AR applications.

Mandatory implementation of Annual Returns, Certificate for Exempt Private Company (EPC) and Unaudited Financial Statements have been made mandatory nationwide based on the implementation schedule below:

Suruhanjaya Syarikat Malaysia (SSM)'s digital reporting platform - Malaysian Business Reporting System (MBRS), is now into its third year of implementation.

Since its launch on 27 September 2018, a high volume of Annual Returns and Financial Statements have been submitted digitally on MBRS.

Submission of Annual Returns, Certificate for Exempt Private Company (EPC) and Unaudited Financial Statements has been mandatory nationwide from 31 March 2019. We anticipate that submission of Financial Statements will eventually be made mandatory. The latter notwithstanding, SSM has been actively encouraging companies to proceed with the voluntary submissions of Financial Statements before mandatory implementation. The high volume of Financial Statements submitted to-date on MBRS is testament to that impetus.

SSM has in July 2020, actively resumed its MBRS trainings after a short hiatus due to Covid-19. This resumption is consistent with SSM's upcoming mandatory implementation of Financial Statements in 2021. In tandem, KPMG is extending the same support to our clients by resuming our firm's MBRS trainings which are certified by SSM.

KPMG was appointed by SSM as the developer of MBRS Taxonomy and as an appointed trainer. Since then, KPMG has been providing nationwide training to participants from all over the country of various professional backgrounds. We have trained over 3,500 participants with excellent rating by participants.

Consider early preparations for your digital transition to MBRS in anticipation of the mandatory implementation of MBRS for Financial Statements in 2021. As a start, we recommend getting trained on the MBRS system. The system currently in use for submissions of Annual Returns and Financial Statements is the same applicable system during mandatory implementation and any learning invested now will be deployed to good use upon mandatory implementation later.

We encourage you come onboard our trainings and embark on your MBRS journey with KPMG soonest possible. You may also want to consider voluntary submission of your company's Financial Statements this year if you have not done so.  KPMG is ready to assist you in your transition.

In planning for your company’s transition to MBRS, consider the following: