SSM Mandated MBRS 2.0 (XBRL) in Malaysia Starting 1st December 2024

Malaysia has officially transitioned to MBRS 2.0, marking a significant shift in corporate reporting. Launched by the Companies Commission of Malaysia (SSM) on September 25, 2024, the mandatory implementation began on December 1, 2024. Since then, manual submissions are no longer accepted, and all filings must be done digitally via MBRS 2.0.

This transition is more than just a procedural update—it paves the way for greater efficiency, accuracy, and compliance. Businesses that adopt MBRS 2.0 can eliminate paperwork burdens and embrace a seamless, error-free filing 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.

MBRS 2.0 Phase 1: Implemented 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.

MBRS 2.0 Phase 2: Implemented March 1, 2025

With the enforcement of MBRS 2.0 Phase 2, the following filing requirements are now mandatory:

For Financial Institutions (Regulated by Bank Negara Malaysia – BNM)

• PT (Penghantaran Tetap) & PK (Penghantaran Khas) Filings – Financial institutions must submit their PT and PK reports in accordance with MBRS 2.0 standards.
• EPC (Exempt Private Company) Certificates – Institutions classified as EPCs must ensure proper documentation is filed as per regulatory requirements.

For Foreign Companies

• Audited Financial Statements – All foreign companies operating in Malaysia must submit their audited financial statements in compliance with MBRS 2.0.
• Country-of-Origin Documents – Companies must provide official documents from their headquarters verifying their country of incorporation and compliance with home country regulations.
• Requests for Rectifications or Court Orders – Foreign companies that have previously filed unaudited financial statements must now apply for rectifications or obtain court orders to validate or correct their filings under MBRS 2.0.

MBRS 2.0 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 Reporting

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 experts will provide you with all the MBRS XBRL solutions and expertise 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!