The Malaysian Business Reporting System (MBRS) refers to the submission platform based on the eXtensible Business Reporting Language (XBRL) format adopted by Companies Commission of Malaysia (CCM)/Suruhanjaya Syarikat Malaysia (SSM).
XBRL is an XML-based computer software language that is developed specifically for automation of business information requirements. XBRL labels companies’ financial and other data with codes from standard lists (taxonomies) so that the relevant stakeholders can locate and analyze required information.
More than 60 developed countries have adopted the XBRL platform.
Components of MBRS
SSM Taxonomy (SSMxT)
A dictionary of financial and non-financial reporting element of AR, FS and EAs embedded in the MBRS Preparation Tool (mTool).
MBRS Preparation Tool (mTool)
A preparation tool that allow companies to prepare and generate AR, FS and EA in XBRL format.
MBRS Portal (mPortal)
A submission platform to lodge XBRL file for AR, FS and EA to SSM.
What is the scope of submission
MBRS shall be used annual submission of:
- •Annual Return (AR)
- •Financial Statements and Reports (FS)
- •Exemption Applications (EA) which are related to the F
Who needs to comply
All companies incorporated in Malaysia are required to digitally submit their annual statutory Financial Statements in XBRL format to SSM.
Banking, financing and insurance companies regulated by Bank Negara Malaysia are exempted from filing a full set of Financial Statements through MBRS.
Foreign companies (FC) that are registered under Company Act 2016 will have following options of filing their financial statements with SSM. (See diagram below)
The scope of the above submissions is explained as follows:
| Incorporation status | Scope of MBRS Annual Return("AR") filing | ||
|---|---|---|---|
| Incorporated in Malaysia? | Yes | Annual Return – AR1, AR2, AR4 | Exempt Application EA 7, EA8 |
| No and registered as Foreign Company under Companies Act, 2016 | Annual Return – AR3 | Exempt Application – EA7, EA8 | |
| Relevant Annual Return and Exempt Applications types: | |||
| AR1 | Annual return for companies having a share capital | ||
| AR2 | Annual return for companies not having a share capital | ||
| AR3 | Annual return for foreign companies | ||
| AR4 | Annual return for unchanged particulars | ||
| EA7 | Application for extension of time to lodge annual return | ||
| EA8 | Application to Minister (with relation to Financial Statements and Reports or Annual Returns) | ||
| Glossary: | |
| MFRS | Malaysian Financial Reporting Standards Taxonomy |
| MPERS | Malaysian Private Entity Reporting Standards (MPER) Taxonomy |
| EPC | Exempt Private Company |
| CLBG | Company Limited By Guarantee |
| Relevant Exempt Applications types: | |
| EA1 | Application for exemption from coinciding foreign subsidiary financial year end with holding company |
| EA2 | Application for exemption from filing financial statement in full XBRL format |
| EA3 | Application to waive lodgment of financial statement by foreign company |
| EA4A | Application for relief from requirements as to form and contents of directors' report |
| EA4B | Application for relief from requirements as to form and contents of financial statements |
| EA5A | Application for extension of time for circulation of financial statements and reports |
| EA5B | Application for extension of time to lodge financial statements and reports |
| EA6 | Application for extension of time for holding annual general meeting |
| Types of Company | Types of Financial Statement ("FS") filing | ||
|---|---|---|---|
| A company other than banking, financing and insurance company regulated under Bank Negara Malaysia | FS | 1. FS – MFRS 2. FS – MPERS | 3. FS – EPC 4. FS – CLBG |
| EA | 1. EA1 2. EA2 3. EA4A 4. EA4B | 5. EA5A 6. EA5B 7. EA6 8. EA8 | |
| KFI | 1. KFI – MFRS 2. KFI – MPERS 3. KFI – CLBG | * EA2 approved | |
| A company registered as a foreign company under Companies Act, 2016 | 1) FS prepared using Malaysia Financial Reporting Standards (MFRS) | ||
| 2) FS of foreign company (EA 3 approved) | |||
| 3) Key Financial Indicators (KFI) of foreign company (EA 2 approved) | |||
| A banking, financing and insurance company regulated under Bank Negara Malaysia | Submission is done via submission of hard copies over the counter – MBRS is not applicable | ||
What needs to be done
- •Create MBRS template
- •Complete scoping questions
- •Complete MBRS template by extracting relevant data from audited financial statements and map to the appropriate cells in template
- •Execute validation check and rectify errors
- •Generate XBRL/MBRS upload file
- •Upload XBRL/MBRS file to Company Commission of Malaysia's portal (mPortal)
