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 to develop the MBRS 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.
Complete this simple exercise to determine your organization’s readiness to comply:
Whether you’re exploring to prepare your finance teams to match compliance requirements or deciding to outsource your MBRS worries, KPMG’s experienced team of professionals is ready to help you through a smooth transition to meet the MBRS requirements with minimal disruption to your operations.
