eXtensible Business Reporting Language (XBRL) Reporting Services in Malaysia
XBRL (eXtensible Business Reporting Language), is an XML-based computer software language that is designed specifically for the automation of business information requirements – it makes the analysis and exchange of corporate financial information easier and more reliable by allowing data to be extracted and processed automatically by XBRL.
Package Fee for XBRL Reporting Services
|Package Available||Fee (RM)|
subjected to 6% Service Tax
|Preparation of XBRL Report – Dormant Company||From RM 500|
|Preparation of XBRL Report – Active Company||From RM 1,000|
The Companies Commission of Malaysia (abbreviated as SSM in the Malay language) has officially launched its XBRL initiative financial elements that include
- Statement of Comprehensive Income/Income Statement;
- Statement of Financial Position /Balance Sheet;
- Statement of Changes in Equity;
- Cash Flow Statement;
- Notes to the financial statements; and
- Audit statements.
The goal of this initiative is to provide a standard for the uniform business reporting of both non-financial and financial information by registered companies. The said adoption will provide SSM, other regulators and businesses with detailed data that can be aggregated and made available to stakeholders in the form of industry analysis for industrial benchmarking.
Uses and Applications of XBRL
Information cost reduction, flow acceleration, as well as enhancement in usefulness, are the primary goals of XBRL. XBRL offers greater flexibility to investment and credit professionals working with XML-enabled applications, financial data warehouses, and analytical tools.
With the implementation of XBRL, information analysis can be done without the process of re-entry of information and investors can compare different companies based on commonly accepted data formats. Apart from this, regulators can define specific taxonomies [that describe information] and use standard XML and Internet technologies to receive and process that information.
The automation of composition and processing of reports to different stakeholders will minimize costs significantly by cutting time and labor spent manually entering and rechecking information. The XBRL system can help in analysing, selecting, and processing the data for re-use. Therefore, human effort can switch to more value-added aspects of analysis, review, reporting and decision-making. As such, an organisation can expect a cost reduction with the dramatically improved speed.
Data validation and Error Detection
On top of that, data validation and error detection are the other advantages of XBRL. XBRL provides efficient, validated transmission of information between Web services. Error detection (which is built into the XBRL specification) occurs at the source of the data, rather than at the receiving party. Therefore, the data’s accuracy and origin are traceable to one absolute point within the information chain.
The preparation method of an effective and regulatory compliance XBRL report requires a lot of time, efforts, and skill. In relation to this, many companies subsequently failed to perform an efficient XBRL financial reporting. 3E Accounting, one of the leading service providers, can assist you with dependable solutions on XBRL filing. Our highly trained and experienced team will deliver accurate and revised XBRL compliance filing report to you as well as let you stay update of new changes in taxonomy and regulations of XBRL filing. Contact us today if you need XBRL filing services.