Qualifying Audit Exemption Criteria for Private Companies in Malaysia

Qualifying Audit Exemption Criteria for Private Companies in Malaysia

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The Companies Commission of Malaysia has introduced new audit exemption criteria for private companies.

These criteria were made effective from 1 January 2025. Practice Directive No. 10/2024 outlines updated thresholds that could reduce your company’s audit obligations.

What can you expect from these changes?
  • New thresholds for revenue, assets, and employees that could qualify your business for exemption.
  • Phased implementation over the next three years, with increasing limits for each criterion.
  • Simplified compliance requirements for eligible companies, including the option to submit unaudited financial statements.
  • Opportunities for cost savings by reducing the need for a formal audit.
Is your company eligible? Read our report for the full details. 
READ REPORT

Please feel free to contact us via email at BRMY-[email protected] for any queries and clarifications.

Thank you.

                
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Game-Changer: Stronger Economic Ties for Malaysia & Singapore with Special Economic Zone

Game-Changer: Stronger Economic Ties for Malaysia & Singapore with Special Economic Zone

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Game-Changer: Stronger Economic Ties for Malaysia & Singapore with Special Economic Zone

Welcome to the Year of the Snake, a year that symbolises dynamic transformation, adaptability and strategic growth. We look forward to working closely with you to navigate the evolving economic landscape and embrace the innovative advancements in the Year of Snake!

We’re happy to kick off 2025 with the first issue of Asia Tax Insights featuring a transformative economic opportunity: the Johor-Singapore Special Economic Zone (JS-SEZ).

This game-changing initiative elevates economic connectivity between Malaysia and Singapore, opening the door to fresh possibilities in cross-border trade, investment, and innovation. With its robust tax incentives, cutting-edge infrastructure, and strengthened collaboration between the two nations, the JS-SEZ is poised to become a dynamic engine for economic growth in Southeast Asia.

Take an in-depth look at the establishment of the JS-SEZ to uncover its vast potential benefits for businesses and how it can provide a road map for companies to seize this exciting opportunity across Malaysia, Singapore, and beyond – all this and more in our report.

 
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New Bursa Malaysia Amendments: Key Updates on Securities Issuance, Executive Pay & More

New Bursa Malaysia Amendments: Key Updates on Securities Issuance, Executive Pay & More

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Bursa Malaysia Securities Berhad (“Bursa Malaysia”) has rolled out pivotal amendments to the Main and ACE Market Listing Requirements (LR) that will transform how companies approach securities issuance, executive remuneration, and transparency in financial reporting. 

These changes, effective from January 2025, aim to:
  • enhance governance
  • ensure greater accountability, and 
  • provide clearer insights for investors
Whether you're involved in fundraising activities, managing employee share schemes, or overseeing corporate disclosures, these updates are crucial for staying compliant and competitive. Discover the key amendments that could impact your organisation and learn how to navigate these new requirements effectively.

Key Amendments

  1. Transparency on new issue of securities

    •    Placement Exercise
    In relation to issuance of placement of securities in stages, announcement by listed issuer simultaneous with the quarterly report on a quarterly basis on:

    a) in respect of each staggered issuance:

    i. the price-fixing date and issuance date;

    ii. the number of securities issued and allotted;

    iii. the issue price and basis of determining the issue price; and 


    b) the aggregate number of securities issued and allotted pursuant to the placement at the end of each quarter.

    •    Placees Details
    The relevant adviser of the listed issuer/ listed corporation is required to submit the following additional information to the Exchange:

    a) the source of funds for the payment of the securities placed to each placee; and

    b) the names, home or business addresses, identity card/ passport/ company registration numbers, occupations/ principal activities and securities account numbers of the ultimate beneficial owner of the securities placed to each placee, if any.

    • Additional disclosures on the utilisation of proceeds

    a) in the case of a new issue of securities for fund-raising purposes, a listed issuer/ listed corporation must announce the status and details relating to utilisation of proceeds on a quarterly basis, simultaneously with the announcement of its quarterly report, until it has announced full utilisation of the proceeds raised; and

    b) the announcement made must include the following information:

    ​​​​i. details of the projects, initiatives or purposes funded by the proceeds, together with their status or progress; and

    ii. the unutilised proceeds, if any, including how the listed issuer has dealt with such proceeds pending utilisation.
  2.  Employee Share Scheme Framework

    • Flexibility accorded to the listed issuer/ listed corporation to implement more than one Share Issuance Scheme. However, total number of shares granted under all Employee Share Schemes is limited to 15% (30% under Ace Market) of total no. of issued shares.

    • Disclosure of Employee Share Scheme in annual report has been enhanced to include aggregate options/shares granted, exercised, vested/remained outstanding, exercise price or purchase price, based on categories of participants.
     
  3. Remuneration Disclosure

    • Enhanced remuneration disclosures in annual reports for Chief Executives, on a named basis.
     
  4.  Convertible Debt Securities

    • Extending 50% limit to convertible debt securities.
     
  5. Restriction in Interim Corporate Proposals

    • Disallowing an affected listed issuer and a PN17 Issuer/ GN3 Company from undertaking interim corporate proposals pending regularisation of its condition, unless allowed by the Exchange.
     
  6. Chain Listing Requirements

    • Adherence to chain listing requirements if a listed issuer wishes to list its subsidiaries on a foreign stock exchange.
     
  7. Special Auditor Appointment

    • Requirements relating to appointment of a special auditor.
     
  8. Comparative Disclosure for Plantation and Timber Corporations (Main Market only)

    • Comparative disclosure of production figures for plantation and timber corporations on quarterly basis, in addition to monthly basis.
     
  9. Updated Issuers Communication Note No. 1/2023 - Guidance on Conflict of Interest (“COI”)

    • Bursa Malaysia has updated the Guidance on COI by providing Q&A in Annexure 1.

Implementation

No.

Amendments

Implementation Dates

a.

Placement Exercises/New Issue of Securities

2 January 2025

b.

Share Grant Schemes

2 January 2025

c.

Convertible Debt Securities

2 January 2025

d.

Annual Reports Disclosures

Applicable to annual reports issued for financial year ending on or after 31 December 2024 onwards

e.

Comparative disclosure for plantation and timber corporations on quarterly basis (Main Market only).

Applicable to quarterly reports issued for financial period ending on or after 31 December 2024 onwards
 

f.

All other amendments

2 January 2025 onwards

                
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Navigating Tax & Accounting Changes with Confidence: Reflecting on 2024 & Preparing for 2025

Navigating Tax & Accounting Changes with Confidence: Reflecting on 2024 & Preparing for 2025

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Navigating Tax & Accounting Changes with Confidence: Reflecting on 2024 & Preparing for 2025

As we approach the festive season and the end of a dynamic 2024, we are pleased to share our year-end newsletter that highlights key tax and accounting developments from 2024, while providing practical insights to help businesses navigate the evolving landscape in 2025 with confidence. From global tax reforms to digital compliance initiatives, the past year has been marked by significant shifts, presenting both challenges and opportunities.

The key Tax and Accounting highlights include:

  • Adhering to OECD Pillar Two and updated transfer pricing guidelines
  • Navigating global VAT compliance and maximising tax credits
  • Embracing automation in accounting for efficiency and accuracy
  • Preparing for year-end audits and ensuring XBRL compliance


As we enter the festive season, we would like to take this opportunity to wish you a Merry Christmas and a Happy New Year. May the year ahead bring you growth, success and the confidence to navigate the opportunities and challenges 2025 holds.

 
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Singapore’s XBRL & Malaysia’s MBRS: Unlocking Efficiency in Financial Reporting

Singapore’s XBRL & Malaysia’s MBRS: Unlocking Efficiency in Financial Reporting

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As businesses in our region adapt to the evolving landscape of financial reporting, it’s essential to stay informed about key regulatory developments that enhance transparency and streamline processes.

In Singapore, the Accounting and Corporate Regulatory Authority (ACRA) requires all incorporated companies to submit their financial reporting in eXtensible Business Reporting Language (XBRL). This requirement not only ensures that submissions are structured and machine-readable but also significantly improves data transparency and analysis. Companies must choose from one of four formats —Full XBRL, Simplified XBRL, XBRL FSH for Banks, or XBRL FSH for Insurers. While essential, conversion to XBRL can be complex, requiring careful handling of data to maintain accuracy in reporting.

Meanwhile, in Malaysia, the Companies Commission of Malaysia (CCM) has also implemented a similar requirement, making it mandatory for companies to submit financial statements, annual returns, and exemption applications via the Malaysian Business Reporting System (MBRS). The system employs the XBRL format, enhancing transparency and efficiency while helping companies improve data quality and reduce errors. 

Notably, as of 25th September 2024, Malaysia has launched MBRS 2.0, which introduces enhanced features designed to simplify financial reporting even further. This updated system expands data classification and improves consistency, allowing companies to categorise financial information more accurately and ensuring compliance with CCM regulations.

Here’s an overview of Singapore’s XBRL and Malaysia’s MBRS standards:

 
 
XBRL (Singapore)
MBRS (Malaysia)
Regulatory Body
ACRA
CCM
Introductory Date
2007
(mandatory for filing financial statements)
2018
(introduced as part of CCM’s digital transformation)
Updates in Recent Versions
Enhanced taxonomy, new data points for compliance
MBRS 2.0 enhances taxonomy and compliance features
Coverage
Mandatory for most Singapore-incorporated companies
Mandatory for certain company filings with SSM
(primarily to private limited companies [Sdn. Bhd.])
Scope of Filing
Includes financial statements such as balance sheets, profit and loss accounts in structured XBRL taxonomy
MBRS 2.0 expands beyond financial statements to include compliance reports, non-financial disclosures, and governance-related information.
Filing Platform
BizFinX portal for submission
MBRS portal for online submission
 
Adapting to the requirements of both Singapore’s XBRL and Malaysia’s MBRS can present several challenges. We take a look at 6 common issues companies may face:
 

1. Data Mapping Complexity

Financial data must be accurately mapped to each system's taxonomy, especially for companies with complex structures.

2. Multi-Entity Reporting

Consolidating data for multiple entities can be complex, as each has its own formats thus increasing the risk of errors.

 

3. Need for Technical Expertise

XBRL and MBRS require specialised knowledge, and a lack of in-house expertise can lead to delays and compliance risks.

4. Frequent Taxonomy Updates

Regular updates, like MBRS 2.0, require ongoing attention to ensure data stays properly formatted.

 

5. Software Challenges

Selecting the right conversion software is critical, as the wrong choice can lead to inefficiencies or errors.

6. Accuracy Requirements

Accurate data is vital. Errors in conversion can lead to non-compliance and costly re-submissions.

 
As these developments unfold, it’s clear that both Singapore and Malaysia are prioritising better data management and reporting standards, ultimately fostering a more transparent and efficient business environment. Staying ahead of these changes will be crucial for companies looking to navigate the complexities of financial reporting successfully.
 
 
With these complexities in mind, outsourcing XBRL and MBRS conversion to a corporate service provider like BoardRoom can greatly enhance efficiency and streamline processes. 

Here are some key advantages when companies choose to outsource their XBRL/MBRS conversion and filing process:
​​​
  • Expertise, Scalability, & Compliance
    Leverage expert insights to minimise errors and ensure compliance, while easily adapting services to meet evolving reporting needs and regulations.
     
  • Cost & Time Savings
    Lower your expenses and avoid fines associated with filing errors, as well as costs for specialised software and training, by ultilising high-quality services where providers handle the end-to-end conversion process on your behalf.
     
  •  Streamlined Processes & Quality Control
    Accelerate financial reporting and ensure timely submissions, backed by rigorous quality control measures that enhance accuracy and minimise costly corrections.

Ready to outsource your company’s XBRL and MBRS conversion?
BoardRoom is here to help improve efficiency, reduce costs, and minimise compliance risks.

Let our team of experts assist you in enhancing your reporting accuracy and paving the way for your business success. 
TALK TO US TODAY
 

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Unlocking Innovation: Maximising Tax Deductions Through The EIS

Unlocking Innovation: Maximising Tax Deductions Through The EIS

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Unlocking Innovation: Maximising Tax Deductions Through The Enterprise Innovation Scheme (EIS)

Welcome to another Issue of BoardRoom's Asia Tax Insights!

In today's fast-paced business environment, organisations are constantly seeking new ways to drive innovation while reducing their tax liabilities. The Enterprise Innovation Scheme (EIS), effective from YA 2024 to YA 2028, is designed to help with just that incentivise businesses in Singapore to invest in research, development, and capability-building activities through enhanced tax deductions.

If you need a little hand with the process, BoardRoom, in partnership with FI Group, is here to guide you through the EIS application. From identifying eligible expenses to managing the entire submission process, our expert team ensures compliance while helping you maximise tax savings. 

Free up your internal resources, focus on business growth, and let us handle the complexities.

Read our report to learn how you can fully benefit from the EIS and drive innovation in your business.

 
DISCOVER THE BENEFITS
 

 
 
 

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Malaysia’s Commitment to Sustainability: A Call to Action for Listed Companies

Malaysia’s Commitment to Sustainability

Malaysia’s Commitment to Sustainability: A Call to Action for Listed Companies

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As global climate pressures mount, Malaysia is stepping up with ambitious sustainability initiatives that will reshape how businesses operate. Listed companies must now navigate a new era of environmental accountability, with heightened expectations from investors and regulators alike. 

The three major initiatives shaping the landscape for listed companies in Malaysia include the National Sustainability Reporting Framework (NSRF) which integrates global standards for transparent sustainability reporting, helping businesses align with investor expectations. The National Climate Change Policy 2.0 focuses on managing transition and physical risks, pushing companies to reduce carbon footprints and adapt to new regulatory demands. Finally, the upcoming Climate Change Bill will signal legal accountability for emissions reductions. 

Businesses must act now to stay competitive. Discover more about these critical developments and their business implications in our comprehensive report.

 
 
 
 

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The Evolving Landscape of Sustainability Disclosures: What You Need to Know

The Evolving Landscape of Sustainability Disclosures What You Need to Know

The Evolving Landscape of Sustainability Disclosures: What You Need to Know

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As the world grapples with climate change, social inequality, and governance challenges, sustainability disclosures are now transitioning from voluntary to mandatory reporting. This shift is also driven by rising investor demands and global expectations for transparency.

In this issue, we explore "The Evolving Landscape of Sustainability Disclosures" and how regions in APAC, including Singapore, Australia, and Malaysia, are leading the way with new standards.

Learn how these changes can impact your business, ensure compliance, and leverage new opportunities with practical recommendations on enhancing sustainability disclosures.

 
 
 
 
 

 

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Transforming Governance: The Imperative for Boards to Embrace AI & Sustainability

Transforming Governance ESG

Transforming Governance: The Imperative for Boards to Embrace AI & Sustainability

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As artificial intelligence (AI) revolutionises industries and disrupts traditional business models, corporate boards face a pressing issue: ensuring they have the right expertise to advise on AI implementation. However, only 30% of board directors feel equipped to oversee AI, a concerning statistic that underscores the need for action. 

To address this, boards can draw on the experience of governing sustainability a similarly transformative issue that demands a shift in business operations and leadership to guide their oversight of AI. Both areas require a nuanced understanding of regulatory compliance, ethical considerations, and risk management. 

Read our comprehensive report as we uncover how boards can effectively monitor AI and sustainability risks and opportunities, and how a collaborative approach between the board and management team can drive value creation and minimise these risks.

 
 
 

 
 

 

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The Digital Revolution of Invoicing: Unlocking Business Potential in APAC

The Digital Revolution of Invoicing: Unlocking Business Potential in APAC

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The Digital Revolution of Invoicing: Unlocking Business Potential in APAC

Welcome to the August Issue of BoardRoom's Asia Tax Insights!

As the digitalisation of tax compliance gains momentum, we take a deep dive into the evolution of e-Invoicing and its impact on businesses across China, Malaysia and Singapore.

In this edition, we present the details of e-invoicing implementation in these key markets, offering insights on how businesses can effectively prepare for this transition. We also discussed the opportunities that this digital shift presents, enabling businesses to streamline their operations and enhance efficiency.

 
 
 
 

 
 
 

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