Companies Commission of Malaysia (CCM) introduced the MALAYSIAN BUSINESS REPORTING SYSTEM (MBRS) – a system that digitalized companies’ financial reporting and annual return based on the eXtensible Business Reporting Language (XBRL) format. XBRL is a computer readable language that standardises the terminologies of business reporting and is commonly used by more than 100 regulators over 60 countries, with Bank Negara Malaysia among them. It contained mTool, an utility that is Excel-based which allows users to generate the filing forms for preparing financial statements, annual returns and Exemption Applications (EA) which are related to the financial statements and annual returns applications through online submission.
The implementation on voluntarily basis is effective from 28 September 2018 and the mandatory implementation based on region shall be with effect from November 2018 as per table below, except for submission of audited financial statements where the date to be determined later.
|Zon||Negeri||Date of Implementation|
|Zon Tengah||Kuala Lumpur and Selangor||November 2018|
|Zon Timur||Negeri Sembilan, Melaka and Johor||December 2018|
|Zon Selatan||Pahang, Kelantan and Terengganu||January 2019|
|Zon Utara||Perlis, Perak, Kedah and Pulau Pinang||February 2019|
|Malaysia Timur||Sabah, Sarawak and Labuan||March 2019|
The Directors, Accountants, Auditors and Company Secretaries required to familarise, learn and understand more on MBRS before the usage of the system being mandatory.
Hence, Companies need to consider and prepare yourself of the following in planning your company’s transition to MBRS financial reporting:
- To familiarise all filing new requirements of the forthcoming MBRS and its impact to the company’s financial reporting process.
- To identify the person(s) responsible for managing the MBRS financial statements preparation process and to plan and allocate resources for training, process development and quality assurance check.
- To plan and allocate resources for preparation of the company financial statements in accordance to MBRS requirements and to ensure that sufficient level of participation for the assurance of completeness and accuracy of information.
For any enquiry on MBRS, please do not hesitate to contact us.
Click here to read the highlights on Malaysian Business Reporting System (PDF)