The MBRS system receives financial statements, annual returns, and exemption applications related to the financial statement and annual return applications from all Malaysian companies other than those in banking, finance, and insurance (which are regulated by Bank Negara Malaysia).
MBRS was introduced to add value to financial reporting in Malaysia by making digital reports accessible to all stakeholders of corporate information, improving the quality of financial disclosures, and facilitating continuous audits. However, the adoption of XBRL by Malaysian companies continues to be voluntary.
The SSM Taxonomy is a dictionary of machine-readable (XBRL) definitions that represent the financial and non-financial concepts covered in Malaysia-incorporated companies’ financial statements, annual returns, and exemption applications.
The SSM requires companies to convert their financial statements into XBRL using the MBRS preparation tool (mTool). Companies can use mTool to map the line items in a set of financial statements to their corresponding SSM taxonomy definitions.