SSM Mandates Implementation of MBRS 2.0 (XBRL) in Malaysia Starting 1st December 2024

Malaysia is entering a new era of corporate reporting with the introduction of MBRS 2.0. Officially launched on September 25, 2024, this upgraded platform by the Companies Commission of Malaysia (SSM) will become mandatory for all businesses starting December 1, 2024. Post that, manual submissions will no longer be accepted, and all filings will need to be done digitally via MBRS 2.0.

This isn’t just a process change—it’s a step toward a more efficient and accurate filing system. By embracing MBRS 2.0, businesses can bid goodbye to cumbersome paperwork and move toward a smoother, error-free compliance process.

The Evolution from MBRS to MBRS 2.0

The MBRS was first implemented in 2018, enabling businesses to file documents online rather than manually. This was a major shift, reducing paperwork and making the submission process smoother. However, as compliance requirements became increasingly complex, SSM identified the need for a more robust and effective solution.

Introducing MBRS 2.0: Better, wiser, and highly accurate. It minimises errors, accelerates processing time, and incorporates global standards, including XBRL (eXtensible Business Reporting Language). With MBRS 2.0, SSM aims to create a fully digital corporate filing ecosystem that strengthens Malaysia’s position in the global compliance arena.

Key Dates and Phases of MBRS 2.0

MBRS 2.0 is up and running, and businesses are encouraged to start using it now to familiarise themselves with the process. However, its mandatory implementation will occur in phases, allowing businesses ample time to adjust.

Phase 1: Starting December 1, 2024

The first phase mandates the digital submission of the following:

• Annual Statements (PT) under the Companies Act 2016.
• Unaudited Financial Statements (PK) under the Companies Act 2016.
• Certificate for Exempt Private Companies (EPC) under the Companies Act 2016.
• Requests for Rectifications or Court Orders for unaudited PT and PK filings.
• Extensions of time applications for:

1. Submitting EPC certificates.
2. Filing unaudited financial or annual statements.
3. Extending PT filing validity.

Phase 2: Starting March 1, 2025

The second phase introduces MBRS 2.0 filing requirements for:

• Financial Institutions regulated by Bank Negara Malaysia (BNM), including PT and PK filings and EPC certificates.
• Foreign Companies, covering:

1. Audited Financial Statements.
2. Country-of-Origin Documents (for foreign company headquarters).

• Requests for Rectifications or Court Orders for unaudited filings.

Phase 3: Starting June 1, 2025

The last phase is centred on audited financial submissions:

• Filing Audited Financial Statements (PK) for all companies under the Companies Act 2016.
• Applications for:

1. Rectifications or Court Orders for audited PT and PK filings.
2. Extensions of Time for audited PK filings.

By June 2025, MBRS 2.0 will cover all corporate filings, ensuring a fully digital compliance environment.

How DataTracks Can Help You Prepare MBRS / XBRL

Adapting to MBRS 2.0 doesn’t have to be overwhelming. With DataTracks, you can make the transition seamlessly. Here’s how we can assist with our XBRL services:

1. Error-Free XBRL Files: We convert your financial data from a PDF, Excel, or XML format into XBRL-compliant files that meet SSM’s standards.
2. Simplified Process: Our experts simplify the complex, time-consuming task of tagging all the elements in XBRL financial statements and validating these elements. 
3. Expert Support: Whether you’re just getting started or finalising your submission, our team is with you every step of the way.
4. Years of Experience: We’ve helped countless businesses navigate complex regulatory changes, and we’ll help you do the same with MBRS 2.0.

Stay tuned for our updated product launch soon!

The Bottom Line: Start Preparing Now

MBRS 2.0 is not only a compliance requirement but also a more efficient means of managing corporate filings.

DataTracks will provide you with all the tools and experience you need to accomplish this transition confidently. Please call us at +60 3-2706 0185 or email enquiry@datatracks.my. Let us help you move to MBRS 2.0 smoothly and stress-free!