The first phase of the new XBRL financial reporting platform being developed for Companies Commission of Malaysia [Suruhanjaya Syarikat Malaysia - SSM] by OMESTI Group has been rolled out with the launch of the MBRS Preparation Module.
MBRS (Malaysian Business Reporting System), as the platform will be known, adopts XBRL (eXtensible Business Reporting Language) format, which is used by more than 100 regulators around the world.
Datuk Zahrah Abd Wahab Fenner, CEO of SSM outlined the features of the system and the benefits of the Preparation Tool, saying, “Very soon, about half a million local and foreign companies incorporated in Malaysia will be able to submit their Financial Statements and Annual Returns online. Ahead of that, we have launched the MBRS Preparation Tool for users to familiarise themselves with the workings of MBRS before the full reporting platform is launched.”
The MBRS Preparation Tool is available for download free of charge via the SSM portal. Users will then be able to voluntarily file reports and returns online from Q2 2018 onwards prior to use of the system becoming mandatory. Qualifying companies will also be able to apply for an Exemption Application without having to go to the counter, saving both time and costs.
The project is being carried out by OMESTI Group company Formis Network Services Sdn Bhd and includes development, design, deployment and operation of a robust XBRL taxonomy, as well as the sourcing and management of suitable infrastructure to ensure high availability and instant disaster recovery.
OMESTI Group Executive Director Gerard Monteiro said, “The new SSM platform is set to transform the submission of statutory reports by registered entities and it will also enable data consumers to analyse company information. It will significantly improve the filing process and will be an invaluable tool for providing vital business insights. We are honoured to be developing the platform with leading XBRL technology specialist Iris Business Services Limited.”
A key component of the work-scope has been change management to ensure user awareness and training for all concerned. Following UAT sessions with in-house users and representatives from external parties, the MBRS Preparation Tool was approved for release. Various training sessions have then been conducted for representatives of SSM State offices and professional bodies including MIA, MACS, MICPA, MAICSA and KPMG, as well as Customer Service Training for SSM front-liners. A corporate familiarisation session for members of the business community has also been held to introduce MBRS and XBRL technology.