Starting 1 December 2024, a new chapter in corporate reporting begins in Malaysia with the mandatory implementation of MBRS 2.0. The enhanced system by the Companies Commission of Malaysia (SSM) requires all companies to file their annual financial statements digitally using the eXtensible Business Reporting Language (XBRL) format.
What is MBRS 2.0?
MBRS 2.0 is a digital platform designed to streamline the submission of financial statements, annual returns, and exemption applications. The XBRL format facilitates the structured tagging of financial data, making data analysis and comparison more efficient.
Types of Submissions under MBRS 2.0
MBRS 2.0 mandates the submission of the following documents in XBRL format:
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Annual Returns (AR):
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Effective Date: 25 September 2024
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Description: Companies are required to file their annual returns electronically through the MBRS platform.
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Financial Statements and Reports (FS):
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Phase 1:
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Effective Date: 1 December 2024
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Description: Unaudited financial statements under Companies Act, 2016; Financial Statement for Exempt Private Company (FS-EPC) under Companies Act, 2016; Application for extension of time (EOT) Application & Submission of Court Order Rectification for Unaudited Financial Statement under Companies Act, 2016.
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Phase 2:
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Effective Date: 1 March 2025
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Description: Financial Statements under Companies Act, 1965; Certificate for Exempt Private Company (Section 260) under Companies Act, 1965; Financial Statement regulated by Bank Negara Malaysia under Companies Act, 1965 & 2016. Application & Submission of Court Order Rectification for Audited Financial Statement under Companies Act, 1965.
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Effective Date: 1 June 2025
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Description: Audited financial statements for all companies under the Companies Act 2016; Application & Submission of Court Order Rectification for Audited Financial Statement under Companies Act, 2016.
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Phase 3:
Important Points to Note:
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Digital Submission: All submissions must be made electronically through the MBRS platform.
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XBRL Format: Financial statements require conversion into XBRL format using the MBRS Preparation Tool (mTool).
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Compliance is Crucial: Compliance with all MBRS 2.0 regulations is essential, as penalties may be imposed for any non-compliance.''
Embrace the Future of Corporate Reporting
MBRS 2.0 represents a significant step towards modernizing corporate reporting in Malaysia. By embracing this new system, businesses can streamline their reporting processes, enhance data accuracy, and improve transparency.
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