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:

• 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.

​​​​​​

Dear {{Recipient.FirstName}},

As 2023 wrapped, the Malaysian business world saw some significant updates that were designed to benefit the companies that they affect. We take a closer look at these developments and share what you need to know about:

1. Dewan Negara passing the Companies (Amendment) Bill 2023 on 13 December 2023 and, 
2. The introduction of the accelerated transfer process by the Securities Commission Malaysia (SC).

Companies (Amendment) Bill 2023 passed by Dewan Negara on 13 December 2023

The Companies (Amendment) Bill 2023 was passed by Dewan Rakyat on 28 November 2023 and by Dewan Negara on 13 December 2023. Some key amendments to the Companies Act 2016 include the establishment of a framework for reporting the beneficial ownership of companies and the enhancement of existing provisions regarding the restructuring and corporate rescue mechanisms of companies. Learn about all the changes in our report.

Transfer of ACE Market Listed Corporation to the Main Market via the Accelerated Transfer Process

Aimed to enhance the stock market vibrancy, and reduce market friction, the Securities Commission Malaysia (SC) has recently introduced an accelerated transfer process for eligible ACE Market-listed companies. This move will facilitate the transition of ACE Market-listed companies to the Main Market of Bursa Malaysia.

In order to qualify, these companies must fulfil the profit requirements set for the Main Market listing. The regulatory framework governing this initiative came into effect on 1 January 2024, following amendments to the Equity Guidelines, as announced by the SC.

The introduction of the streamlined and expedited transfer process is designed to encourage ACE Market-listed companies to continually enhance their corporate values, fostering sustainable growth for shareholders. We share more on these changes in our report.