The way forward for XBRL adoption in Malaysia
An interesting recent article in Accountants Today, from the Malaysian Institute of Accountants, looks at the experience of XBRL adoption in Malaysia from an accounting perspective, and how smaller accounting firms could be supported to overcome the key challenges so far.
In 2018, the Companies Commission of Malaysia (SSM) launched XBRL financial reporting via its new Malaysian Business Reporting System (MBRS), an online digital reporting and submission portal, that has been rolled out gradually across the country. As the article reports, “the MBRS adds value to the financial reporting landscape by improving accessibility, information exchange, and the quality of the AR [annual returns] and FS [financial statements]. It also accelerates continuous auditing.”
It goes on to consider the issues faced by early adopters, specifically Small and Medium Practices (SMPs), and their potential solutions, offering four recommendations to facilitate progress. These include improved integration of the SSM’s XBRL taxonomy in accounting software; provision of incentives to encourage submission via the MBRS; inclusive training for SMPs; and greater focus on XBRL data quality assurance.
Read more here.
