Integrating XBRL Reporting into Financial Institutions’ Regulatory Compliance Framework

Adopting XBRL as the standardised language for gathering and submitting financial data helps financial institutions integrate XBRL reporting into their regulatory compliance system in Malaysia. By streamlining reporting procedures and improving data accuracy, this integration ensures that the institution complies with regulatory requirements quickly and consistently.

All financial institutions must follow rules, regulations, and guidelines in compliance with the regulatory framework. Other than meeting the SSM MBRS regulatory framework, integrations with XBRL also provide capital sufficiency, risk management, and financial disclosures. 

Benefits of XBRL Integration 

Some of the many benefits of XBRL integration for financial organisations are: 

• Data Transparency:

  Transparency in financial reporting is improved through XBRL. Economic data is more manageable for regulators and stakeholders to access and analyse, which fosters confidence in the financial system and the institutions that make it.

• Financial Regulation Updates:

  Financial regulations are dynamic. Financial firms can more easily adjust to changing reporting requirements and regulatory revisions by integrating XBRL reporting. Updating XBRL taxonomies to reflect these changes can reduce the compliance burden.

• Data Analytics:

  XBRL-tagged data are highly organised. As a result, it simplifies performing sophisticated data analytics and trend analysis. Financial firms can use XBRL data for internal risk management, strategic decision-making, and regulatory compliance.

• Efficiency:

  Financial organisations can drastically save the time and resources needed for compliance reporting by automating the reporting process using XBRL. This effectiveness lessens the strain of manual data entry and validation, allowing staff to concentrate on jobs with higher added value.

The goal of XBRL, a versatile language, is to accommodate all existing reporting practices across all sectors and geographies. Due to its extensibility, it can be modified to satisfy specific business needs, even at the level of the individual organisation. Some of its many benefits include: 

• Automation
• Cost savings
• Faster
• More dependable
• More accurate data handling
• Improved analysis
• Better information 
• Improved decision-making quality 

Using XBRL frees financial data producers and consumers from time-consuming, expensive manual operations that often include comparing, assembling, and re-entering data. With the help of tools that can validate and handle XBRL material, they can focus their efforts on analysis.

Why Choose DataTracks for XBRL Reporting?

DataTracks ranks among the top XBRL reporting companies in the world. Our team of experts specialises in the specific reporting requirements set by different regulatory authorities. Our proficient team ensures that all reports are accurate and eliminates the risks of non-compliance penalties. 

If you are looking for a financial reporting company that provides you with expertise, efficiency and experience, then we at DataTracks are a one-stop solution for you. To learn more, contact DataTracks at + 60 -392126125 or mail us at enquiry@datatracks.my.