SSM MBRS Mandate
A Closer Look
Malaysia’s Suruhanjaya Syarikat Malaysia (SSM) introduced a digital reporting platform called Malaysian Business Reporting System (MBRS) in 2018 and directed the companies under its purview to submit annual financial statements in the XBRL format, as opposed to the printed reports they had been preparing. The XBRL mandate was phased in from November 2018.
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.
Modernized Reporting
The XBRL format mandated by SSM facilitates modernized reporting by doing away with painstaking manual processes and bringing in automated processing of business information.
Easier Analysis
XBRL, being a machine-readable format, helps computers interact with data by storing, exchanging, and presenting information in ways that facilitate analysis and interpretation.
High-quality Data
XBRL speeds up data processing and production while helping clean up the data through validation checks. The format provides high-quality data for further analysis.
Towards Analytics
The large volume of data being filed with SSM can be pooled for analytics purposes. Stakeholders of the data can study industry or sector-wide trends for better decision-making.
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.
1 Format for Reporting
1 Digital Filing Portal
Over 1.4 million Registered Companies
IRIS CARBON® for SSM MBRS Reporting
IRIS CARBON® helps Malaysian companies submit high-quality XBRL reports to the SSM through the MBRS portal.
Why IRIS CARBON®?
Diverse Clientele
IRIS CARBON® has been the preferred XBRL-based regulatory compliance products and services provider for leading organizations around the globe since 2005.Comprehensive Experience
We have more than 350 XBRL professionals with over 17 years of experience in regulatory compliance reporting. We have facilitated 5+ million regulatory filings globally.Unparalleled Quality
We consistently rank no. 1 for XBRL reporting quality in assessments by independent third-party organizations worldwide. We facilitate only the best compliance experience.Data Security
IRIS CARBON®’s SOC 2, ISAE 3000 & 3402 certifications indicate our relentless dedication toward data security and internal systems integrity.What Our Clients Say
IRIS Carbon® is a much less manual application than the last software that we had used. The one thing I very much like about IRIS Carbon® is that all the work is within the software.
A great product with excellent customer support. The product supports both self-service mode and hands-off outsourcing mode.
I want to thank you for all your support in the process of preparing Natura’s XBRL in record time. I found the tool very friendly and agile to navigate, and the entire team committed.
I wish to express my gratitude to the IRIS team for their engagement and professionalism in supporting Eni with the ESEF mandate.
IRIS CARBON® stood out from the other iXBRL conversion software products I have seen. The platform is easy to follow and use. The review functions are simple, allowing quick and easy checking of iXBRL tagging, ESEF taxonomy, and Company taxonomy as well.
We selected IRIS CARBON® for our ESEF iXBRL conversion, since IRIS is a global firm with deep experience in XBRL/iXBRL, great quality of filings, service delivery and importantly, offers their service and solution at a very attractive price.
Unparalleled XBRL Expertise at your Service
We at IRIS are proud to be at the forefront of efforts to develop XBRL as a standard. Our work in XBRL-based compliance reporting spans 17+ years and we have collaborated with over 30 global regulators. We have helped some of the regulators develop XBRL taxonomies.
Apart from filings with the MBRS, we also facilitate XBRL and inline XBRL filings with the US SEC and FERC, the UK’s FCA and HMRC, and South Africa’s CIPC. We also help European Companies comply with the European Single Electronic Format (ESEF) mandate.
- Outsourcing & In-house Compliance
- Unlimited XBRL Expert Support
- Scalable Solution for Newer Filing Needs
- Relentless Innovation for High-quality Filings
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