MBRS For Preparers: Financial Statements
On 27 September 2018, Suruhanjaya Syarikat Malaysia (SSM) has launched the Malaysian Business Reporting System or its acronym, MBRS. MBRS refers to the submission platform based on the eXtensible Business Reporting Language (XBRL) format.
MBRS allows for the submission of:
i. Annual Return (AR);
ii. Financial Statements and Report (FS); and
iii. Exemption Applications (EA) related to the FS and AR.
The guiding principles behind the financial and the non-financial scopes for MBRS is based on the Companies Act 2016, Malaysian Private Entities Reporting Standards (MPERS) and Malaysian Financial Reporting Standards (MFRS).
The mandatory submission for annual returns, certificate for private exempt company and unaudited financial statements to SSM are in two phases and by zones from November 2018.
Information on MBRS and the MBRS Preparation Tool (mTool) can be accessed for free at http://www.ssm.com.my/Pages/Services/Other-Services/MBRS.aspx
This 2-day course is specially designed to help preparers in using the MBRS preparation tool (mTool) for submission of Financial Statements (FS) and Key Financial Indicators (KFI). Participants will learn the SSMxT (SSM taxonomy), filing requirements and how to optimize the use of the preparation tools to ensure smooth filing of financial statements.
1. Overview on what is XBRL and MBRS.
2. SSM Taxonomy and its use
3. MBRS filing requirements
4. Exemption Application (EA) taxonomy
5. Getting started – Creation of XBRL instance document and fill scoping questions
6. How to fill submission document for FS and KFI?
7. Validation and rectification of errors
8. Generation and submission of XBRL file to SSM
9. Functions and features of MBRS Preparation Tool
10. Hands-on training using mTool for financial statements
Shraddha Bagul is a Chartered Accountant and is a member of the institute of Chartered Accountants of India (ICAI). She holds a Diploma in Information System Audits (DISA) and a Diploma in International Financial Reporting Standard (IFRS). Shraddha has sound experience in Internal Audits, Statutory Audits, Financial Reporting, Preparation and Reviewing of Financial Statements, and compliance with statutes. She possesses a good understanding of Accounting Standards, Generally Accepted Accounting Principles (GAAP), and Tax Laws. On top of these, Shraddha is involved in designing, developing, and maintaining various taxonomies with different regulators as well as participating in training programmes on XBRL implementation across the globe.
Jeremy Chua Teck Wee holds a Bachelor’s degree in Accounting, Banking and Finance. He is an experienced external auditor and has audited over 10 large Corporations during his time at one of the Big Four audit companies. Jeremy is well adept in Malaysian Financial Reporting Standards (MFRS) and International Financial Reporting Standards (IFRS). He is also proficient in Malaysian Law practices, specifically in Common Law and Companies Act.
Who Should Attend
- Financial Statements Preparers
- Accounting & Finance Professionals
- Those who are involved in the reviewing and submission of Financial Statements under MBRS
By attending this course, participants will be able to:
- Acquire first-hand knowledge and hands-on training on MBRS FS.
- Get started with the preparation tool (mTool).
- Navigate the SSMxT.
- Fill submission document for FS and KFI.
- Generate and submit XBRL file to SSM.
Why choose us?
Formis Network Services receives direct support from OMESTI. We have the advantage of being more knowledgeable on the system and will be able to provide you with assistance on the spot. Exclusive post-event technical support will also be available to all participants.
After over three decades in the industry, OMESTI has evolved to become a leading player in the technology landscape serving clients across key industry verticals including: financial services, institutions, government organisations, telecommunications, media & entertainment, transportation & logistics, utilities and education.
PRe-requisites for participants
- Attended the seminar on ‘Introduction to MBRS’.
- Proficient in Microsoft Office Excel.
- Proficient in statutory financial reporting.
PARTICIPANTS ARE REQUIRED TO BRING THE FOLLOWING:
1. Laptop [Note: Organiser will guide participants on how to install the MBRS Preparation Tool (mTool) before the seminar].