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SSM Taxonony

What is Taxonomy?

Taxonomy is the practice and science of classification. The application of taxonomy is business reporting is XBRL (eXtensible Business Reporting Language). XBRL is a standard way to exchange and exchange business and accounting information between systems.

SSM has set up XBRL based system in Malaysia that entails the automation of data collection, management and processing. SSM Taxonomy 2017 (SSMxT) is the XBRL representation adhering to the standards and legislation, to allow companies to prepare a set of XBRL filings in accordance with SSM‟s XBRL filing requirements.

The SSMxT is based on the 2017 version of the International Financial Reporting Standard Taxonomy (IFRS Taxonomy 2017) and incorporate local customization to support Malaysian additional information requirement (e.g. Company Act).

SSMxT is set to meet the information requirements under Companies Act 2016, Malaysian Financial Reporting Standards (MFRS) and Malaysian Private Entities Reporting Standard (MPERS).

  • MFRS Taxonomy: for financial statements of public companies and its subsidiaries, associate of, or jointly controlled entity (which is required to prepare or lodge any financial statements under any law administered by the Securities Commission or the Bank Negara Malaysia using MFRS)
  • MPERS Taxonomy: for financial statements of private companies using MPERS;
  • Exemption Application Taxonomy: for all registered entities to file requisition for specific exemptions on compliances with SSM. (the exemption application must be submitted and approved by SSM before filing of financial statements) – click here for more info on exemptions.
  • Annual Return Taxonomy: for all registered entities to file their Annual Returns as per Companies Act 2016.

In addition to the reporting concepts defined in the IFRS Taxonomy 2017, the SSMxT also includes local reporting concepts necessary for local requirement.

Financial statements
Number of reporting concepts
  • MFRS
  • 5,540
  • MPERS
  • 2,364
  • Reports under FS (CA2016)
  • 251
  • Director’s report
  • 15
  • Statement of directors
  • 17
  • Director business review
  • 5
  • Auditors report to members
  • 19
  • Involvement in stock exchange
  • 10
Exemption applications
 
  • CA 2016
  • 98
Annual return
 
  • CA 2016
  • 278

There are a total of 8531 reporting concepts in the SSMxT which includes the concepts define in IFRS Taxonomy.