Is It Necessary to Fill the Templates While Tagging in mTool for MBRS Filing?
Templates filling in mTool for MBRS Filing
The Suruhanjaya Syarikat Malaysia (SSM) launched the Malaysian Business Reporting System (MBRS) on 27th September 2018. MBRS is an online platform that allows the submission of a Malaysian company’s financial statements and reports in the eXtensible Business Reporting Language (XBRL) format. With the launch of MBRS, companies are required to perform additional tasks for converting their financial statements into XBRL format before submitting them with SSM. This conversion is required to be completed using the MBRS Preparation Tool, commonly known as the “mTool”.
What is mTool?
As part of the XBRL initiative, SSM has made available mTool to enable Malaysian companies to prepare and submit the full set of key financial statements, key financial indicators, exemption applications, and annual returns as per the SSM taxonomy and MBRS filing requirements.
The templates in the mTool were prepared for the presentation and annual submission of:-
- Financial Statements and Reports (FS)
- Annual return (AR)
- Exemption Applications (EA) related to FS and AR applications
However, preparing and filing XBRL reports with SSM using mTool is an arduous process. Why? Read on to find out.
What is the MBRS Template Filling Hassle?
Unlike other regions where companies can drag and drop and tag the elements in their financial statements, Malaysian companies require keying every detail of their financial statements in a template. Not just that, there are an average of 100 to 300+ pages in the template, which also require a quality check before submission. After filling the template, it is uploaded on the mTool to convert the financial statement into XBRL format.
Since preparing XBRL reports using mTool requires inserting every detail of your financial data in an MBRS template, MBRS filing is considered a time-consuming process. Therefore, people usually wonder if it is necessary to fill templates and tags in mTool for MBRS filing with SSM. To answer the question – Yes, it is! Using the templates and tags in the mTool is a prerequisite for filing annual financial statements.
The Solution? Outsource Your XBRL Filing to DataTracks!
Are you looking for an XBRL solution that enables you to focus on your company’s core activities? DataTracks can be your best pick! The company has an experience of more than 17 years in preparing error-free compliant reports. Outsource this time-consuming process to DataTracks, sit back, and relax. All you need is to share your financial statements, and our professionals will take care of the entire MBRS filing process. So what are you waiting for? Get in touch with an expert TODAY at +60-392-126-125 or email @enquiry@datatracks.my.