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  MBRS 2.0: What Malaysian SME Owners Need to Know The Malaysian Business Reporting System (MBRS) has undergone significant enhancements with the launch of MBRS 2.0 in September 2024. Built on the globally recognized eXtensible Business Reporting Language (XBRL), MBRS enables digital submission of financial reports, annual returns (AR), and exemption applications (EA) to Suruhanjaya Syarikat Malaysia (SSM). What's New in MBRS 2.0? MBRS 2.0 introduces critical upgrades beneficial for SME business owners. Key improvements include: Increased Submission Types : Submissions for financial statements (FS) and key financial indicators (KFI) now expanded from 9 to 15 categories, catering to a wider array of reporting needs. Bilingual Support : Users can now choose between English and Bahasa Malaysia, easing usability and broader adoption among SMEs. Enhanced Validation and Dynamic Dropdowns : Automatic validation reduces errors, and dynamic dropdowns simplif...

  Audit exemption is becoming a widely discussed topic among SMEs in Malaysia, especially with the latest updates by the Companies Commission of Malaysia (SSM) through Practice Directive (PD) 10/2024 , effective from 1 January 2025.  SME owners need to clearly understand what audit exemption entails, the rationale behind it, and whether opting for exemption genuinely translates into tangible compliance cost savings. Why Audit Exemption—The Rationale The audit exemption framework in Malaysia was originally introduced on 4 August 2017 and recently expanded under the Practice Directive 10/2024 . Its main purpose is clear: To reduce the financial and administrative burdens of compliance, especially for micro and small private entities. To streamline administrative processes, improve efficiency, and enhance Malaysia’s competitive advantage as a business-friendly environment. ...