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As Malaysia advances in its digitalisation journey, businesses must prepare for a significant shift in corporate reporting, namely MBRS 2.0. Effective from 1 June 2025, all companies in Malaysia will be required to submit their Audited Financial Statements in XBRL format via the updated Malaysian Business Reporting System (MBRS 2.0).
In fact, this isn’t just an update, it’s a complete overhaul that significantly impacts how businesses comply with the Companies Act 2016 and maintain regulatory transparency. So, here’s everything SMEs, startups, and corporates need to know.”
What Is MBRS 2.0?
Since its launch in late 2024, MBRS 2.0 has served as an enhanced digital platform by the Companies Commission of Malaysia (SSM), specifically designed to improve the quality, accuracy, and accessibility of financial reporting through the eXtensible Business Reporting Language (XBRL) format.
Previously, businesses submitted printed or PDF versions of financial statements. As a result of MBRS 2.0, these reports must now be digitised using a standardised tagging system, enabling regulators and stakeholders to make faster, more accurate assessments.
Why MBRS 2.0 Matters for Your Business
Beyond just a regulatory box to check, MBRS 2.0 offers tangible benefits:
- Improved Compliance: By enforcing a standardised reporting format, MBRS 2.0 helps companies submit financial statements with greater consistency. As a result, it becomes easier for both businesses and regulators to stay aligned with compliance requirements across the board.
- Fewer Errors: With XBRL tagging automating much of the data entry process, MBRS 2.0 significantly reduces the risk of manual mistakes. This not only improves the accuracy of your submissions but also saves valuable time spent on corrections.
- Greater Transparency: Thanks to structured, machine-readable financial data, MBRS 2.0 enables regulators, investors, and stakeholders to easily access and compare reports. This enhanced transparency strengthens governance and builds trust in your financial disclosures.
- Digital Efficiency: MBRS 2.0 modernises corporate reporting by eliminating outdated, paper-based processes. In turn, businesses benefit from a faster, more efficient system that keeps pace with today’s digital-first expectations.
Key Implementation Phases You Should Know
To ensure a structured rollout, MBRS 2.0 is being implemented in three phases, beginning on 1 December 2024:
Phase 1 (1 December 2024)
- Unaudited Financial Statements (UFS)
- Annual Returns (Companies Act 2016)
- Applications for Extension of Time
Phase 2 (1 March 2025)
- UFS for Companies Act 1965
- Reports from Bank Negara-regulated companies
- Foreign company declarations
Phase 3 (1 June 2025)
- Mandatory submission of all Audited Financial Statements
What Happens If You Don’t Comply?
Failing to submit your financial statements on time or in the correct XBRL format can lead to serious consequences:
- Regulatory fines: SSM may impose monetary penalties for non-compliance, which can add unnecessary financial strain to your business.
- Reputational damage: Delays or errors in submission can affect how your company is perceived by stakeholders, investors, and regulatory bodies.
- Possible rejection of filings by SSM: Incomplete or incorrectly formatted submissions may be rejected by SSM, causing additional delays and potentially affecting your legal standing.
That’s why it’s critical to act early, stay compliant and partner with a trusted service provider like Altomate to get it right the first time.
What You Need to Submit
Start your MBRS 2.0 filing by providing:
- A softcopy of your signed Financial Statements (FS) (in Word or PDF format)
- A zipped folder of all supporting documents (if required)
How Altomate Can Help with MBRS 2.0 Compliance
At Altomate, we fully understand the complexities involved in converting financial data into XBRL. Therefore, we offer a streamlined and cost-effective MBRS 2.0 compliance service to simplify the process for you.
| Entity Type | Classification | MPERS (RM) | MFRS (RM) | Turnaround |
| Dormant | Audited / Unaudited FS | RM 250 | RM 250 | Within 3 working days |
| Single Entities | Audited / Unaudited FS | RM 500 | RM 800 | Within 4 working days |
| Consolidated Entities | Audited FS only | RM 900 | From RM 1,500 | Within 5 working days |
Please note that these rates apply exclusively to XBRL conversion services. We will provide separate quotations for any additional professional services required.
Why Choose Altomate?
Experienced Team
That’s why our professionals stay up to date with the latest MBRS guidelines and evolving XBRL standards so you don’t have to. With a deep understanding of regulatory expectations, we ensure your submissions are always accurate and compliant.
Fast Turnaround
In today’s fast-paced business environment, speed matters. That’s why we guarantee compliance-ready documents within just a few working days—helping you avoid delays, penalties, and last-minute stress.
Peace of Mind
We do the heavy lifting so you can focus on your core business.
Get MBRS-Ready Today
Don’t leave compliance to the last minute. Let Altomate help you make a smooth and confident transition to MBRS 2.0.
Contact us on WhatsApp today to get started with your XBRL conversion.
