Malaysian Business Reporting System (MBRS) - Compulsory for all companies starting from March 2019

February 25, 2019

 

What is MBRS?

 

The Malaysian Business Reporting System (MBRS) is an online submission platform developed by the Companies Commission of Malaysia (CCM) based on the XBRL - Extensible Business Reporting Language format.

 

CCM has made it compulsory for all annual returns, unaudited financial statements and Certificate for Exempt Private Company to be submitted to CCM through MBRS starting from

  • November 2018  (for all companies in Kuala Lumpur and Selangor)

  • December 2018  (Negeri Sembilan, Melaka and Johor)

  • January 2019  (Pahang, Kelantan and Terengganu)

  • February 2019  (Perlis, Perak, Kedah and Penang)

  • March 2019  (Sabah, Sarawak and Labuan)

     

** Audited Financial Statements would be subject to compulsory MBRS filing starting from 2019. CCM will announce the specific timeline soon.

 

 

What is XBRL?

XBRL is the open international standard for digital business reporting, managed by a global not for profit consortium, XBRL International. They were setup to improve reporting in the public interest. XBRL is used around the world, in more than 50 countries. XBRL provides a language in which reporting terms can be authoritatively defined. Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports. XBRL lets reporting information move between organisations rapidly, accurately and digitally. Millions of XBRL documents are created every year, replacing older, paper-based reports with more useful, effective and accurate digital versions.

 

Find our more here: www.xbrl.org   

 

 

MBRS in the news

The launching of MBRS is covered in the news extensively, please click on the following links:

 

Who will be affected?

All Malaysian companies would be subject to the MBRS filing requirement, except those regulated by Bank Negara Malaysia. According to CCM, around 600,000 companies (Sdn. Bhd. and Berhad) nationwide will be affected by this new system.

 

Company secretaries are tasked with the role to ensure the reports are prepared and lodged using the MBRS system. Company secretaries are required to sign off digitally upon submission of the reports.

 

 

MBRS filing process

This is a snapshot of the MBRS process for the submission of annual returns, certificate for exempt private companies and financial statements:

     

  

 

 

 

XBRL Reporting Experts

Our XBRL comprehensive solutions allow you to sit back and focus on your core business.

 

Our people are highly trained in this area. The mapping and preparation of XBRL reports requires specialised knowledge in accounting, financial reporting standards and the Companies Act.

 

In the process of XBRL reporting our people have to spend extensive period of time to read and review the financial report, and then map the contents in the report according to XBRL taxonomy. Time is also required to carefully review and validate the data input and report output in every process to ensure compliance with the MBRS filing requirements.

 

Please contact us if you require further information. 

 

 

 

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