As a business owner, did you know there are a number of mandatory submissions and filing requirements that you have to comply with? At Quadrant Biz Solutions, we know how this can be a daunting task when you are trying to focus on your day-to-day business. So, we have put together this handy guide to help you make sure you stay compliant:
- Annual Return (AR)
- Financial Statement and Report (FS)
- Exemption Applications (EA) related to the FS and AR
Any company that is incorporated in Malaysia must submit their Annual Statutory Financial Statements and Key Financial Indicators (KFI) to SSM (Suruhanjaya Syarikat Malaysia or Companies Commission of Malaysia). The filing must be completed using the SSM Malaysian Business Reporting System (MBRS).
Banking, financing and insurance companies regulated by Bank Negara Malaysia will have filing exemptions from this requirement; they will instead need to lodge their Financial Statements over the counter at SSM offices.
There are different types of Financial Statements, and Key Financial Indicators that may be filed, depending on whether your company is Private, Public or Limited by Guarantee, or Foreign.
For help and assistance in all this, get in touch with us for professional advice and guidance.
All registered entities must file their Annual Returns once yearly as per the Companies Act 2016. The Annual Return is an overview of the basic details of the company such as share capital, shareholding, names of shareholder etc.
Financial Statement and Report – including Financial Statements (FS) and Key Financial Indicators (KFI)
- Financial Statements: containing all statements for reporting under respective accounting standards and Companies Act sections.
- Key Financial Indicators: containing basic financial concepts available for financial reporting if the filer opts not to file full FS filing in XBRL format.
Exemption Applications (EA) related to the FS and AR
- For all registered entities to file requisition for specific exemptions on compliances with SSM.
Your Financial Statements will need to be prepared using the MBRS template and in XBRL (eXtensible Business Reporting Language) format. Not sure what all this means or how to go about it? Get in touch with us and let us help you!
Statements and Reports for Filing
The minimum requirements are outlined below:
|Scope of filing||Disclosures|
|Financial Statements |
[Malaysian Financial Reporting Standards – (MFRS) or Malaysian Private Entity Reporting Standards – (MPERS)]
|Statement of Financial Position (Current/Non-current and Order of liquidity) Statement of Profit or Loss (Function of expenses/Nature of expenses) Statement of Cash Flows (Direct/Indirect) Statement of Changes in Equity Notes to accounts|
(Companies Act 2016)
|Directors’ report Statement of directors Directors’ business review Auditors’ report to members * Excluding Banking, Financing and Insurance company regulated under Bank Negara Malaysia|
|Additional reports||Involvement in Stock Exchange|
Filing and staying compliant can be made easier for your company by getting us to take care of it for you! Talk to us today!