Suruhanjaya Syarikat Malaysia (SSM) recently introduced an online submission platform called the Malaysian Business Reporting System (MBRS), based on the renowned standard: eXtensible Business Reporting Language, or simply, XBRL.
The MBRS digital submission platform allows the annual submissions of:
- Financial Statements and Reports (FS)
- Annual Returns (AR)
- Exemption Applications (EA) that are related to FS and AR applications
Under the new regulation, all Malaysian incorporated companies and foreign companies registered under Companies Act 2016, will be required to digitally file a full set of financial statements under the MBRS, in XBRL, unless otherwise exempted.