In Malaysia, the Companies Commission of Malaysia (SSM) has introduced the Malaysian Business Reporting System (MBRS) as the platform for digital lodgement of company financial information. A key part of this process is the conversion of financial statements into XBRL format.
But what exactly is XBRL, and what does your company need to do to comply?
What Is XBRL?
XBRL (eXtensible Business Reporting Language) is a globally recognized, machine-readable format used to present and exchange financial data. It helps regulators, investors, and stakeholders easily analyze and compare financial information.
In Malaysia, SSM has made XBRL filing mandatory for certain documents submitted through MBRS.
What Is MBRS?
MBRS (Malaysian Business Reporting System) is the official SSM platform for companies to file:
- Financial Statements and Reports (FS)
- Annual Return (AR)
- Exemption Applications (EA)
MBRS uses the XBRL format for financial statements and supports both MFRS and MPERS frameworks.
Filing Requirements – What Must Be Submitted?
All companies (except for exempted ones) are required to convert and submit the following through MBRS:
1. Financial Statements and Reports (FS)
- Prepared according to MFRS or MPERS
- Must be converted to XBRL using the mTool provided by SSM
2. Annual Return (AR)
- Company details, shareholding, directors, etc.
3. Key Financial Indicators (KFI)
- Summary of key financial data
When Must XBRL Submissions Be Made?
According to the Companies Act 2016:
Financial statements must be lodged within 30 days from the date of the company’s annual general meeting (AGM) — or, for private companies, within 30 days of the financial statements being circulated to members. Late submission may result in penalties and enforcement action by SSM.