SSM Annual Dialogue 2022: Submission Process Suggestions using the MBRS

Following the recent Annual Dialogue 2022 conducted by Suruhanjaya Syarikat Malaysia (SSM) on 6 October 2022, SSM provided the presentation slides and Summary of Issues and Feedback for the public.

Issues that have been addressed include:

1. Responsibility for submission (Admin/Maker) should be given to professionals from the audit or accounting industry.

2. Simplify the application of MBRS to facilitate report preparation.

3. Compulsory submission of financial statements through MBRS.

4. Improving the submission method of the unaudited Financial Statements and Reports through MBRS.

Feedback:

(a) Admin/Maker

• Officers who are professionals or accountants and have been appointed by the company are the ones who are tasked with taking on the responsibility of submission of Financial Statements and Reports.

(b) Training

• SSM provides various types of training, such as Introduction to MBRS and MBRS for Preparers, including hands-on training for the purpose of preparing reports using mTools.

• To ensure that company secretaries are adequately prepared, it is strongly recommended that a company secretary who has been designated by the company to keep the MBRS information up to date attends the training sessions that are held and begins using MBRS well in advance of when the system will be required.

(c) Compulsory submission of Financial Statements and Reports

• The submission of Financial Statements and Reports through MBRS will become mandatory for SSM in 2024, as was previously announced.

• This will occur after all of the previously encountered technical issues have been resolved and the currently operating MBRS system has been improved as part of the MBRS Enhancement Project.

(d) Submission of unaudited Financial Statements and Reports

• Concerning the matter of submitting unaudited Financial Statements and Reports through the MBRS system, doing so has been a requirement since 2019.

• As a result of this, approval from SSM is required to be obtained before the document may be turned in over the counter.