Your Guide to MBRS 2.0

MBRS 2.0, the Malaysian Business Reporting System, introduces significant updates  for businesses in Malaysia. Released on 25 September 2024 by the Companies Commission of Malaysia (SSM), MBRS 2.0 is developed based on the latest Malaysian Financial Reporting Standard (MFRS), Malaysian Private Entity Reporting Standard (MPERS) and the revised requirements under the Companies Act 2016 (CA 2016).

With immediate effect, companies must use MBRS 2.0 to submit annual returns, financial statements, and exemption applications in the digital XBRL (eXtensible Business Reporting Language) format. This updated platform makes it easier to submit reports with its improved features and more intuitive interface.

In this guide, we’ll explain what MBRS 2.0 is, its main features, and how to use it. Whether you are new to the system or upgrading from the previous version, this guide will help you get started.

MBRS 2.0 is an online system developed by SSM that allows businesses to submit financial statements and other reports electronically. 

Purpose

The system is powered by XBRL, an international standard designed to make financial data processing faster and more accurate. MBRS 2.0 allows businesses submit their annual returns, financial statements, and exemption requests in a structured and seamless manner, reducing administrative burdens and streamlining compliance with legal reporting requirements.

Updates from the Previous Version

The updated MBRS 2.0 is easier to use, with an improved design and user-friendly features that help Malaysian businesses simplify their reporting, while ensuring accuracy and consistency in their submissions. Key improvements include:

• Better Design: A simpler, more user-friendly interface
• New Features: Improved access to submission services, allowing users to perform tasks more efficiently.

With these updates, MBRS 2.0 is able to provide a more effective solution for companies navigating Malaysia’s regulatory requirements.

The MBRS platform facilitates three main types of submissions:

• Annual Returns (AR): Regular filings that provide updates to SSM detailing business particulars, such as directors, shareholders and registered office address.
• Financial Statements and Reports (FS): Detailed submissions covering the company’s financial health and status, prepared in compliance with applicable financial reporting standards.
• Exemption Applications (EA): Requests for exemptions related to the preparation or submission of financial statements and annual returns.

To start using MBRS 2.0, you need to register on the platform. Here’s an outline of who can register and how to get started:

Eligibility Criteria

Registration for MBRS 2.0 is available to businesses that need to fulfil their statutory reporting requirements as mandated by the SSM. This includes both public and private companies operating within Malaysia. Each company must comply with the standards applicable to its status (MFRS or MPERS).

Step-by-Step Registration Guide

The registration process for MBRS 2.0 is straightforward:

• Create an Account: Visit the SSM MBRS portal (mPortal) and complete the registration form.
• Provide Required Documentation: Certain documents such as business registration or identification details may be required for verification. Ensure these are ready before starting your registration.
• Complete Registration: Follow the on-screen instructions to complete your profile and register your company on MBRS 2.0.

Common Issues and Solutions

While the registration process is streamlined, some users may encounter issues. Here are common challenges and solutions:

• Login Issues: Double-check your login details and make sure your internet connection is stable.
• File Errors: Ensure documents meet file requirements such as file format, file size and file naming conventions.
• Verification Delays: Look out for verification emails which may end up in your spam/junk folders, and follow the instructions in the email to complete the verification process.