How Can XBRL Filing Affect Your Business?
XBRL and Your Malaysia Business
Since the introduction of MBRS, the entire Malaysian financial reporting economy has witnessed significant growth. XBRL, not only helps reduce mechanical data entry and eliminates entry errors but also encourages healthy data analysis, providing better transparency. It is a pivotal tool that allows your stakeholders to gain access to your business’s high-quality financial data.
XBRL: The Approach To Error-free Reporting
XBRL reporting is a standardized format of electronically reporting financial information to SSM. However, in addition to transparency and reducing tedious data entry tasks, XBRL also boasts error-free filing. With rigorous quality checks at every point, the MBRS system ensures that inaccurate data is not being reported.
How Does XBRL Affect Your Business in Malaysia?
Many ways in which XBRL can affect your business include:-
● Interoperability of Systems
The existing system does not allow the easy exchange of data. By standardizing reporting formats, you can refer to a common standard to transform your data, so it is easily transferable.
● Greater Transparency
XBRL is a global standard language of reporting financial statements tightly secured with stringent quality checks at every point. So rest assured, before final submission, all the errors will be pointed out, leading to better transparency.
● Value Addition
XBRL allows data customization to provide tailored information based on specific users such as investors, auditors, analysts, etc. This adds value to the reported data by highlighting information based on the end-user.
● Decreased Costs
The lack of a common standard can increase your analyzing data costs considerably. However, with XBRL, the format is standard, which means there is no hustling to look for patterns over the years. Everything is reported in the exact same format as it was last year or the year before that. This can help you reduce costs, especially in the data analysis aspect of your business.
MBRS and XBRL Taxonomy – It All Fits Together
Simply put, XBRL can be used by your investors, stakeholders, auditors, or any other user to disclose financial information effectively. XBRL-based financial reporting is increasing exponentially, and if you don’t want to be left behind using the painstakingly long and inaccurate orthodox methods, consider switching to XBRL – the error-free way of reporting.
You can make this transition smooth with a partner like DataTracks by your side. With 15+ years of experience and 185,000 compliance reports worldwide, DataTracks can be your ideal XBRL partner. So speak to an expert today @ +60-392-126-125 and leverage every benefit that XBRL offers.