XBRL News from Malaysia and about building blocks
Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.
1 XBRL adoption in Malaysia: a way forward for SMPs
Following the adoption of the eXtensible Business Reporting Language (XBRL) throughout the world, the Companies Commission of Malaysia (SSM) has taken the initiative to develop the Malaysian Business Reporting System (MBRS). The MBRS is a reporting and submission system that is aligned with the XBRL’s requirements and format. It incorporates the XBRL concept to assist companies preparing annual returns (AR) and financial statements (FS). The aim of the MBRS is to eliminate all manual registration and handling, and transition to an automated online process.
It is interesting to observe how every jurisdiction develops its own ecosystem of resources adapted to the local use case. Here’s the case in point for Malaysia.
2 Taxonomy building blocks
XBRL taxonomies comprise all of the different types of information needed to completely define a machine-readable dictionary about a specific reporting environment. Taxonomies don’t just provide a definition against a word, they also capture the relationships between different concepts, links to authoritative literature, labels (often in multiple languages) and the core characteristics of a specific reporting term.
This is an interesting conceptual piece outlining how individual taxonomies may be conceived as building blocks to represent a bigger picture. This may come in particularly handy in the context of sustainability reporting.
3 GLEIF updates information on regulatory LEI use
The Legal Entity Identifier (LEI) is a valuable element in digital reporting, reliably identifying filers over time and across jurisdictions, and connecting them with their financial data. For regulators, it helps facilitate risk analysis, market transparency and enforcement.
Your correspondent is pleased to see that the search for Switzerland does not return empty for once, even though one of two references is out of date: While the list entry references to a non-current consultation, the law is already in force.
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Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.
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