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Malaysia – New Digital Financial Statement Submission Requirements for 2025
The Companies Commission of Malaysia (Suruhanjaya Syarikat Malaysia, SSM) has announced a significant change in how companies must submit their financial statements.
As of the 1st of June 2025, all registered companies in Malaysia are required to submit their audited financial statements (AFS) digitally using the eXtensible Business Reporting Language (XBRL) format through the Malaysian Business Reporting System (MBRS).
Who Must Comply?
The compliance requirement extends to all companies incorporated in Malaysia, foreign registered companies, and previously exempt sectors including banking institutions, insurance companies, and finance companies regulated by Bank Negara Malaysia.
Malaysian companies must comply with this requirement for financial statements with year ending the 30th of November 2024, and onwards. Foreign companies are required to submit their documentation within two months of their holding company’s annual general meeting.
Important Changes
Several important changes have been implemented in the submission process. Paper submissions are no longer accepted, and all submissions must now be made exclusively through the MBRS platform. To ensure timely filing, companies are advised to prepare their XBRL submissions at least one month before the filing deadline.
Next Steps
Early preparation is crucial as this change represents a significant shift in financial reporting requirements.
To ensure compliance, business should:
- Review their current financial reporting processes
- Identify necessary changes for XBRL compatibility
- Plan for early preparation of documents
- Engage professional support if needed
How Mercator® by Citco Can Help
Our team offers comprehensive support for this transition, including:
- XBRL file preparation and submission
- PDF to Word conversion services
- Document formatting and verification
- Compliance checking
- Submission assistance
Contact us at mercator@citco.com to discuss your specific needs and ensure seamless compliance with the new digital submission format.
