It is 2018 and the digital age is upon us. Everywhere we go, we see everyone trying to automate and digitise everything that they can so that work and life gets easier and better.
Suruhanjaya Syarikat Malaysia (SSM) is also climbing on the digital bandwagon to introduce their new system called Malaysian Business Reporting System (MBRS). This is a project that is striving to digitalise companies’ financial reports as well as their annual returns. All this will be based on the eXtensible Business Reporting Language (XBRL) format. This format allows for compliance that is required by the Companies Act 2016.
Our company, OMESTI was contracted by the Malaysian government to work on this project and the finalised product is now what we all call MBRS. The team at OMESTI has also launched the “MBRS preparation tool for the users to familiarise themselves with the workings of MBRS before the full reporting platform is launched”, said Datuk Zahrah Abd Wahab Fenner, the CEO of SSM. The project being carried out by us included the development, designs, deployment as well as the operation of the XBRL taxonomy. We also ensured that we sourced and managed suitable infrastructure to allow for high availability and instant disaster recovery. This way, companies need not worry about losing their data once it’s been uploaded.
So what is MBRS all about?
Well, in short, MBRS is just an online tool that allows for all companies in Malaysia to be able to submit their financial returns and annual reports easily and stress-free.
We all know and understand the stress of having to do everything on the computer on an Excel sheet, having to print page after page of reports and then having to travel to places just to submit something that can now be submitted online.
How Do I Ensure That My Company Understands MBRS?
We all understand the pains of having to learn how to use a brand new software, especially one required to ensure proper reporting for your company. This is why, in accordance with SSM and the Malaysian government, the team here at OMESTI will be setting up workshop classes to help you and your team get on the platform and pick it up instantly so that you become masters of the MBRS tool!
What Are The Benefits of This Tool?
Having a system that is made specifically for reporting will come with its own benefits and we wanted to highlight some of them here.
- It reduces the time and cost of gathering financial and nonfinancial information. This saves time on data entry efforts or conversion of data formatting because now you have a machine to do it for you!
- The information is also capable of being translated to multiple languages.
- It also enhances data integrity and reliability. The tool will include validity check and automated calculations to sooner or later eliminate errors.
- It also facilitates the analysis of financial reporting for better decision making by stakeholders or allows for aid in compliance matters or investigative processes.
- It also enhances corporate compliance processes because now all accounts would have to be presented according to accounting standards.
- Lastly, it would allow for an improved data analysis and quality.
Again, we would like to reiterate that MBRS is a step in the right direction if we want to be a more digitally savvy community and save time on reporting and filling in forms that can all be digitalised and done online!
How Do I Sign Up for Workshops?
Since SSM has made in compulsory to attend workshops to ensure that everyone gets used to the new MBRS tool, the OMESTI team have set up our own workshops. Since we were the ones who built us, joining our workshops would be better as we thoroughly understand the ins and outs of the system.
Every workshop will be conducted by speakers who have been vetted and approved by SSM. All the training materials are also approved by SSM. Rest assured that every OMESTI workshop for MBRS will bring about a comprehensive and understandable guide for all businesses.