XBRL Adoption – Driving Business Growth and Development in Malaysia

Due to the tremendous benefits that XBRL offers, regulators worldwide are adopting the XBRL format for filing financial statements. The Suruhanjaya Syarikat Malaysia (SSM), the Malaysian regulator, also adopted XBRL to help businesses avail of the XBRL advantages. Still relatively new in Malaysia, XBRL adoption has helped companies drive growth and development. SSM MBRS XBRL will continue proving beneficial for businesses when it gets mandated in Malaysia sometime soon. How? Let’s find out. 

How Can SSM MBRS XBRL Adoption Promote Growth and Development for Businesses?

The following are some ways in which XBRL adoption helps drive business growth and development in Malaysia:

• Automated Reporting:

   XBRL has enabled businesses to communicate and process financial data automatically. This helps companies gain analytical insights and saves a lot of time and effort. 

• Improved Speed:

   Adopting XBRL has provided various benefits to businesses, such as improved speed, efficiency, and cost savings. It helps companies file their annual financial statements in less time than they took with traditional reporting methods. 

• Improved Accuracy:

   The XBRL format improves the accuracy of reported business information. It helps companies file error-free reports with regulators and show investors an accurate picture of their performance. 

• Better Analysis for Investments:

   Investment is one of the most significant business growth and development factors. Any business that wishes to grow beyond a certain point requires investment. Filing financial statements in XBRL format helps investors compare different companies effectively and make the right decision. 

• Reusable Data:

   The data produced in the XBRL format is reusable, i.e., it can be presented in multiple ways and formats. As a result, this prevents the need to file the data numerous times, allowing the in-house team to focus on other essential business functions. 

Outsource Your SSM MBRS XBRL Filing to DataTracks

While XBRL offers considerable growth and development opportunities to businesses in Malaysia, it also requires a team of experts familiar with the format’s technical aspects. Hiring and training an in-house team for XBRL filing may add to your costs, time, and efforts. As a result, this takes away your attention from your business’s core activities. But not anymore! Enter DataTracks

DataTracks, with its 18 years of rich experience, can help you prepare error-free xbrl reports. By handling everything, from template filing to XBRL conversion, DataTracks enables you to focus on your core activities without worrying about hiring and training an in-house team. The professionals at the company have experience with 348,000 compliance reports for over 23,400 clients in 26 countries. So, without any further delay, contact an XBRL expert at +60-392-126-125 or email at enquiry@datatracks.my to make your way towards business growth and development.