For all companies, other than those exempted “Who Are Exempted From Filing”, are required to submit a full set of Financial Statements in XBRL format.
There are four (4) types of Financial Statements that may be filed:
- Financial Statements based on MFRS for Public or Private Companies;
- Financial Statements based on MPERS for Private Companies;
- Financial Statements based on MFRS for Company Limited by Guarantee; and
- Financial Statements for Exempt Private Company, which only requires disclosure of an Auditor’s Report and Certificate for EPC.
All companies are strictly required to file full sets of Financial Statements unless exempted by SSM. Exemption Application 2 (Application for Exemption from Filing Financial Statements in Full XBRL Format), MUST be submitted and approved by SSM before a company is allowed to submit a Key Financial Indicator (KFI) –an abridged filing of salient financial information in instances where a reporting entity is exempted from full filing of Financial Statements.
Content of Full Financial Statements Filing
- Statement of Financial Position (Current/Non-current and Order of liquidity method of presentation)
- Statement of Profit or Loss (Function of expenses/Nature of expenses method of presentation)
- Statement of Cash Flows (Direct/Indirect method of presentation)
- Statement of Changes in Equity
- Notes to accounts
- Director’s report
- Statement of directors
- Directors business review
- Auditors report to members
- Involvement in Stock exchange (only applicable to public listed companies)