DataTracks gears up for filing financial statements in XBRL format
DataTracks, a global leader in regulatory reporting services, is now set to assist Malaysian companies in successfully filing their financial statements in XBRL format using MBRS with SSM (Suruhanjaya Syarikat Malaysia or The Companies Commission of Malaysia).
Following the XBRL adoption worldwide, SSM took the initiative to develop MBRS in 2018; together with the MBRS’s submission platform, SSM built the MBRS Preparation Tool (mTool), which would be helpful for the companies to prepare the XBRL output using a template.
DataTracks believes that all Malaysian companies including SMPs (Small and Medium Practices) might face challenges in preparing the XBRL output. Some of the key challenges are:
- Limitations in Accounting Software: Accounting software available in the market are uncertain about how it can be integrated with XBRL taxonomy.
- Limited resource with XBRL expertise: Companies’ finance professionals do not have complete knowledge of XBRL report preparation, resulting in prolonged training duration or hiring new resources.
- XBRL Output Data Quality: Accuracy and appropriate tagging of elements with respective SSM taxonomies are the fundamental criteria in successful XBRL filing, which is possible only by trained experts.
Chandrasekaran Jothi, Malaysia Head of DataTracks, says, “As we are now entering into the fourth year of MBRS implementation, we anticipate the XBRL would be made mandatory anytime in 2022. Hence, we have customized our entire offering that suits various business needs to overcome the key challenges.”
He also added, “DataTracks XBRL experts offer high-quality support for the Malaysian companies in preparing their annual returns (AR), financial statements (FS), and exemption applications (EA) in XBRL format.”
The team of XBRL experts in DataTracks (ISO certified for Quality and Data Security) possesses excellent knowledge in Malaysian SSM taxonomy and accounting principles, making them an ideal choice for error-free XBRL preparation.