The Error-free Way to Preparing XBRL Reports for Voluntary Submission with SSM

Even though XBRL is still in its infancy stage in Malaysia, the development and deployment of an XBRL online document submission platform by SSM can significantly improve the administration and maintenance of financial data.

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The Error-free Way to Preparing XBRL Reports for Voluntary Submission with SSM

Awareness of XBRL

XBRL is an electronic language that enables the automation of business information requirements. Using XBRL, companies can effectively prepare, share, and analyse financial reports, statements, and audit schedules. Governments, regulators, and organisations are inclined to adopt this reporting format as it automates the process and communication of financial data and improves the business reports’ efficiency and accuracy.

XBRL Initiatives in Malaysia

Even though XBRL is still in its infancy stage in Malaysia, developing and deploying an XBRL online document submission platform by SSM can significantly improve the administration and maintenance of financial data.

Benefits of Using XBRL

XBRL Reports are Much More Comprehensive

XBRL is considered to be more extensible as opposed to XML, which makes financial data more identifiable. This is why the financial reports furnished in the XBRL format are more comprehensive than HTML or plain text.

Very Little Chance of Errors

The rigorous quality checks at every level help crinkle out even the minutest of errors before the final submission of annual returns. This ensures that only the most reliable data is submitted to the SSM, which also means the exchange of high-authority financial data among regulators, including tax and financial authorities, the central bank, governments, stakeholders, investors, and other users of business information.

Automates Business Reporting

Implementing XBRL enables companies to file annual returns and audited financial statements electronically. Furthermore, it also allows SSM to capture, monitor, and analyse critical financial information from registered companies in Malaysia.

Improves Transparency and Efficiency of Data Analysis

By enabling analysts and other users of financial information to sort out and analyze the data effectively, this new initiative can improve transparency and enhance the efficiency of businesses’ financial data.

XBRL All the Way

Yes, XBRL is still in the voluntary stage. However, based on the feedback from companies that have adopted XBRL, it wouldn’t be erroneous to say that XBRL is expected to become the mainstay method of reporting financial information. Simply put, SSM’s new XBRL platform will automate the financial data collection process, transform the submission of annual reports, and allow consumers easy access to financial information. Now the only question that remains is…

Are you ready to hop on to the XBRL bandwagon?

You can make this transition smooth by partnering with a reliable and efficient XBRL service provider like DataTracks. With extensive experience and prowess in XBRL over the past 15 years, SSM taxonomy, and Malaysian accounting standards, the experts at DataTracks are offering a smart XBRL service to save you time.

To reap the maximum benefits of XBRL, please speak to a DataTracks expert @ +60-392-126-125 or write to enquiry@datatracks.my.