All registered companies in Malaysia must prepare to submit their signed and audited Financial Statements digitally to Suruhanjaya Syarikat Malaysia (SSM) in eXtensible Business Reporting Language (XBRL) format, in compliance to the Malaysian Business Reporting System (MBRS) requirements.
Launched in 2018 by SSM, MBRS enables the digital submissions of Financial Statements (FS), Annual Returns (AR), and Exemption Applications (EA) related to FS and AR applications. Implementation of Annual Returns, Certificate for Exempt Private Company (EPC) and Unaudited Financial Statements on MBRS have been made compulsory to companies nationwide as of March 2019. This mandate calls on companies to be prepared for this transition by ensuring that their digital submissions comply with the requirements of MBRS.
Since 2017, KPMG has been working with SSM as the Master Developer of the SSM Taxonomy for Financial Statements. KPMG is also appointed the sole Master Trainer certified by SSM to conduct Train-the-Trainer training sessions on the MBRS for the Preparers-Financial Statements module.
The MBRS mandate has been announced!
On 26 November 2024, Suruhanjaya Syarikat Malaysia (SSM) announced the mandatory implementation for Financial Statements under Malaysian Business Reporting System 2.0 (MBRS 2.0). This highly anticipated announcement follows the market Go-Live of MBRS 2.0 on 25 September 2024.
All companies including foreign companies registered in Malaysia are now mandated to file their submissions of Annual Return, Exemption Application and Financial Statements via the digital platform in phases, including previously exempted banking, financing and insurance companies regulated by Bank Negara Malaysia ("BNM") and companies with Financial Statements prepared in accordance with Companies Act 1965.
Be prepared! Attend KPMG’s MBRS briefing sessions.
Our complimentary briefing sessions will explain the implications of this mandate on you and your submission of financial statements to SSM.
These sessions are for those who could not attend KPMG’s briefings previously organized in October and November. Select a session to attend and register early as slots are limited; our MBRS specialists are ready to answer your questions.
