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MBRS: XBRL

MBRS: XBRL

Hit#  697

GoodNewAuditor & Ac Firm: our ►high governance Ac Way lead direct to MBRS Auditor Report

 

What is happening in Secretarial Service after 2018 SSM On Line filing of Returns 
(no more over the counter)

  • Annual Return & Auditors Report must start from MBRS Prep Tool MBRS
  • This Tool will generate a Excel file .xlsx that best be opened by Excel  version 2013.  The fields in this Excel must be filled from the Auditors Report, that's the difficult part.
  • The .xlsx Excel file will have a button MakeXBRL to generate  XBRL
  • If the entries are correct the button will allow create of a .zip file containing .xml that can be uploaded to SSM website.
  • The image of the normal Auditors Report must still be uploaded together with the XBRL zip file & more. XBRL Up3

 

  • Company Secretaries are now responsible as Checker & Lodger to convert from Auditor Report to XBRL format.  However layout and contents of the Auditors Report differ significantly from XBRL forms.  Here is the start of the headache for Secretaries.

 

 

 

 

 

 

 

 

Why filling up Excel file of MBRS Prep Tool Difficult?

  • The Chart of Accounts in MBRS is extensive with over 376 Accounts, some with uncommon names in English that junior Audit staff have difficulty understanding.
  • The eight 8 groups of these Chart is also uncommon.
  • Even for MPERS, its 6 Disclosure, 7 statements AND 6 Notes has to link to the Chart of client's Accounts.  This is no easy task to fill using the hard copy Auditors Report
  • Even if Auditors agree to create a soft copy, which they don't intend to do, the job of filling from soft copy is just as difficulty and long; too many items.

 

 

A Walk Through:  Starting MBRS Prep Tool
(based on MPERS Malaysian Private Entities Reporting Standard) FRS Financial Reporting Standard is for Public companies

  • Start by selecting "Financial Statement"  , then click "Create Filing"MPTool1

 

 

  • This will expose the form "Filing Information" (shown below) which contain various fields to be filed for Financial Statement

If you select Annual Return, the process for it is the same ie i) Filing Info & ii) Click Generate Templete button.

  • There are drop downs in most fields with a * it is mandatory, just select  MvFRS

Selecting Private company will be MPERS, Public company will be MFS.

  • Once completed, click to "Generate Template" Button.  This will then check & approved before Excel .xlsx can be created   

MPT gen

  • A Excel .xlsx will be create in a designated folder.  Check where the folder is and keep the .xlsx with its Company & Year tag in your desired location.
  • This .xlsx can be opened any time with Excel v2016 for editng and finally use to create the zip file containing .xml to be uploaded to SSM.

 

 

A Look at MPERS Excel file  (content is huge thus full of worksheets)

  • The Contents consist of 4 Disclosure, 7 Statements & 5 Notes
  • The Scope of Filing comes from what you enter just before you create the template at MBRS Prep Tool.

You can editing the Filing Scope using the following Doc ActionsAction

 

 

 

The following images gives you an idea of how many fields to be filled, no easy job.

 

 

Final Step in the Excel File:  Generate the zip file to upload to SSM

When all fields are filled using Auditors Report, you can press the "Generate XBRL"  ActionGen

If you are lucky, the .zip file containing .xml will be created; if not, an error message will be shown.

 

 

 

Our Solution

 

Mission of our comprehensive MBRS App

  1. Auto preparation of Balance Sheet, Profit Statement, Fund Flow & Equity Changes from client's adjusted Trial Balance.  It will include print out of Auditors Adjustment to complete the Audit.
  2. Auto preparation of the Auditors Report with Notes based on Linked Excel & Word Files

 

 

 

  1. Auto preparation of forms sync with MBRS format: 4 Disclosures, 7 Statements & 5 Notes

 

 

 

 

 

 

  

 

  1. Auto preparation of Annual Return sync with MBRS format.
  2. Storage of all soft objects relating to Audit, Annual Return and Financial Statement in auto creation folders in server.
  3. Services of Firm such as Tax Computation, Resolution records, Minutes of Meeting are all included.
  4. Firms's Tracking reports to control the work of all Audit Clerks with deadline due. 
  5. Even invoicing of clients is provided for.

 

 

  

How does the App do the job 

  • Just one key process - Bridge Client Trial Balance to MBRS Chart of Accounts
  • After the first year, if Chart of Ac of client does not change yearly, App will just repeat the same way of bridging.
  • Next do the usual Audit Adjustment in the same bridging form, all auto reports can be review from the Audit menu.
  • The buttons to switch to various functions in the App 6 btns
 

 

◄Back to portsum1 Biz Practices

 

Date

17 August 2020

Tags

MBRS.Service

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