Consultative Document on Suruhanjaya Syarikat Malaysia Proposed XBRL Submission Process ssmt_

Transcription

1 Consultative Document on Suruhanjaya Syarikat Malaysia Proposed XBRL Submission Process ssmt_ This document requests for feedback and views on the proposed XBRL submission process for Financial Statements, the return for solvent Exempt Private Company and the Auditor s client listing and it s particulars.

2 Table of Contents INTRODUCTION... 3 SECTION A: XBRL SUBMISSION PROCESS ONLINE... 6 SECTION B: XBRL SUBMISSION PROCESS OFFLINE... 9 I. Non-Financial Elements... 9 II. Financial Elements III. Non-financial elements Solvent EPC SECTION C: XBRL SUBMISSION PROCESS COLOUR CODING SECTION D: XBRL SUBMISSION PROCESS for auditors SECTION E : XBRL SUBMISSION PROCESS FEEDBACK TEMPLATE Feedback Template for Filers Feedback Template for Auditors

3 INTRODUCTION 1. This document provides the proposed submission process for the following documents to Suruhanjaya Syarikat Malaysia (SSM): (a) full set of financial statements (FS); or (b) the return for solvent Exempt Private Company (EPC); and (c) auditor s client listing and it s particulars. 2. The chart in paragraph 4 provides an overview of the proposed submission process and SSM would like to invite feedback and comments on: (i) the proposed submission process from the preparation and lodgement of FS and the return for solvent EPC to SSM using XBRL format; and (ii) the submission of the auditor s client listing and it s particulars to the Registrar. 3. SSM welcomes views and comments as stated in the feedback templates for filers and/or auditors in Section E of this document. Please forward your views and comments to xed14@ssm.com.my before 30 August

4 PRE-REPORTING ssmt_ The flowchart of the proposed system is as follows: Flow Filing Process by companies ONLINE Particulars under the Companies Act: Filing Information Director s Report Statement by Directors Directors Business Review Exempt Private Company Auditor s Report to members or Auditor s Statement OFFLINE OFFLINE 1 Entry point for full reporting required under CA & FS submission under MFRS or PERS together with Auditor s Report to Members OFFLINE 2 Entry point for solvent EPC under CA together with Auditor s Statement OFFLINE Auditor s Client Listing and It s Particulars ONLINE validation No ONLINE lodgement with filer s authentication and acknowledgement receipt by SSM. Yes SSM Database Public will be able to view the financial data with the audit classification (if any) together with the colour coding. A 4

5 POST REPORTING ssmt_ Flow Filing Process by companies A XBRL No Colour coding FS or the return for solvent EPC is not Red submitted in XBRL format Yes Audited? No Colour coding Purple Unaudited FS submitted in XBRL format Yes Colour coding Green Yellow Audited FS submitted in XBRL format The return for solvent EPC submitted in XBRL format 5

6 SECTION A: XBRL SUBMISSION PROCESS ONLINE 1. Filers are encouraged to download the company s data soon after the financial year has ended to avoid the peak period during the submission process. 2. This is also to ensure that the data downloaded is a true reflection of the historical information for the FS or the return for solvent EPC. Example: If the data downloaded is without the full list of newly appointed or resigned directors during the particular financial period, the filers are encouraged to update the listing first before downloading the full data for the purposes of XBRL submission. 3. At this stage, filers will not be able to add, change or delete any data. Only dropdown enumeration or predetermined set of answers will be permitted during this process (refer to SSMT Tagging List Templates document for more details). ONLINE ITEM Mandatory fill in 1 Company registration number 2 Name of company 3 Former name of company 4 Financial year end date for current submission 5 Financial year start date for current submission 6 Other reporting currency used (yes or no) 7 Company status 8 Type of formation 9 Address Of Registered Office 10 Principal place of business 11 First MSIC code to suit principal activities for financial year end submission 6

7 ONLINE ITEM 12 Second MSIC code to suit company activities for financial year end submission 13 Third MSIC code to suit company activities for financial year end submission Mandatory fill in 14 List of directors and managers during financial year 15 List of company secretary during financial year 16 Disclosure of financial statements audit status 17 Audit firm number 18 Name of audit firm 19 Audit partner responsible signing off auditor s report or auditors statement 20 Type of submission for current financial year (financial statements or EPC) 21 Disclosure of consolidated financial statements preparation (consolidated or separate) Disclosure of subsidiaries exemption from coinciding financial year end with holding company (yes or no) Disclosure of type of subsidiary exempted from coinciding financial year end with holding company (local or foreign or both local and foreign subsidiary) 24 Company registration number of local subsidiary 25 Name of subsidiary 26 Type of holding by the company (holding or ultimate holding company or both holding and ultimate holding or not applicable) 27 Location of the holding company (local or foreign) 28 Company registration number of local holding company 29 Name of local holding company 30 Location of the ultimate holding company 31 Company registration number of local ultimate holding company 32 Name of local ultimate holding company 33 Disclosure of stock exchange listing for financial year end current submission 7

8 ONLINE ITEM 34 Type of accounting standard used to prepare financial statements 35 Disclosure of restatement of previous financial statements figures (yes or no) Mandatory fill in Disclosure of reclassification of previous financial statements figures (yes or no) Disclosure of changes of previous financial statements figures other than reclassification or restatement (yes or no) 38 Type of Income Statement prepared 39 Type of Statement of Cash Flows prepared 8

9 SECTION B: XBRL SUBMISSION PROCESS OFFLINE During this stage the filers may prepare the full set of FS (OFFLINE_1) or the return for solvent EPC (OFFLINE_2) that comprise of financial and non-financial elements totally disconnected from the internet. The software or the web template (to be provided by SSM) would allow the filers to: View the full set of FS or the return for solvent EPC (refer to the sample provided in SSM s website); Change the current financial data as to reflect any audit adjustments (if necessary); Print out copies for members circulation and for audit purposes; Conduct audit process on the FS. The Auditor s report to members or Auditor s statement is to be attached in PDF image for lodgement purposes with the Registrar. I. Non-Financial Elements 1. The following details are the non-financial elements that need to be prepared by the filers through this offline process. 1 OFFLINE 1 Full FS Description of reason for using longer or shorter reporting period 2 Description of presentation for other reporting currency Mandatory questions 3 Date of presentation currency conversion 4 Level of rounding used in financial statement 5 Description of principal activities of company for financial year end submission 9

10 OFFLINE 1 Full FS Mandatory questions 6 Date of financial statements approved by Board of Directors 7 Date of circulation of financial statements to members Disclosure of type of subsidiary exempted from coinciding financial year end with holding company (if marked as Yes during ONLINE process the following questions shall appear) 8 Name of foreign subsidiary 9 Country of incorporation of foreign subsidiary 10 Description of reason why using different reporting date or period for local subsidiary / foreign subsidiary 11 Date of approval for local subsidiary / foreign subsidiary Type of holding by the company (if marked as Foreign during ONLINE process the following question shall appear) 12 Name of foreign holding company 13 Country of incorporation of foreign holding company 14 Name of incorporation of foreign ultimate holding company 15 Country of incorporation of foreign ultimate holding company Disclosure of stock exchange listing for financial year end current submission (if marked as Yes during ONLINE process) 16 Date of listing in Stock Exchange 17 Type of exchange on which company is listed 18 Type of market listed in Bursa Malaysia Disclosure of securities listing on Shariah Compliance Securities list Explanation of other securities listed on Syariah Compliance Securities list Disclosure of request for relief from requirements related to form and contents of financial statements and directors report 22 Explanation of restatement of previous financial statements figures 23 Date of restated financial statements approved by Board Of Directors 24 Date of restated financial statements circulated to members 25 Explanation of reclassification of previous financial statements figures 10

11 OFFLINE 1 Full FS 26 Explanation of changes of previous financial statements figures other than reclassification or restatement ELR [020000] Director s Report ELR [030000] Statement by Directors ELR [040000] Director s Business Review ELR [060000] Auditor s Report to Members (i) (ii) Disclosure of auditor's report to members [in PDF (or in any other format as image)]; and Date of auditor s report According to MFRS or PERS entry points (please refer to SSMT Tagging List Templates for details) Mandatory questions II. Financial Elements 2. The preparation of the full FS will be based on the entry point requested from the ONLINE process which include: (i) Type of accounting standards used to prepare FSs, either using MFRS or PERS; (ii) Type of Income Statement prepared; (iii) Type of Statement of Cash Flows prepared; and (iv) If there is a restatement or reclassification or other changes in the previous XBRL filing, therefore the previous figure may be changed to accommodate the disclosure requested. 3. The filers will be able to: (i) Have the full details of the financial elements being tagged by referring to the SSMT Tagging List Templates; and (ii) Visualize how the data being used in the FS or the return of solvent EPC by referring to the sample of Financial Statements or the return of solvent EPC is provided in the SSM s XBRL website. 11

12 III. Non-financial elements Solvent EPC OFFLINE 2 EPC Mandatory questions 1 Description of reason for using longer or shorter reporting period 2 Description of presentation for other reporting currency 3 Date of presentation currency conversion 4 Level of rounding used in financial statement 5 Description of principal activities of company for financial year end submission 6 Date of financial statement approved by Board of Directors 7 Date of circulation of financial statement to members Disclosure of type of subsidiary exempted from coinciding financial year end with holding company (if marked as Yes during ONLINE process) 8 Name of foreign subsidiary 9 Country of incorporation of foreign subsidiary Description of reason why using different reporting date or period for local subsidiary / foreign subsidiary Date of approval for local subsidiary / foreign subsidiary ELR [050000] Exempt Private Company ELR [060000] Auditor s Statement (i) Disclosure of auditor's statement [in PDF (or in any other format as image)]; and (ii) Date of auditor s statement 12

13 SECTION C: XBRL SUBMISSION PROCESS COLOUR CODING 1. The colour coding will be provided for each FS or the return for solvent EPC submission: Colour Coding Red Purple Explanation FS or the return for solvent EPC is not submitted in XBRL format Unaudited FS submitted in XBRL format Green Audited FS submitted in XBRL format Yellow The return of solvent EPC submitted in XBRL format 13

14 SECTION D: XBRL SUBMISSION PROCESS for auditors 1. The Auditor s client listing and it s particulars will be available in SSM s website for audit firms to download and to fill the particulars as follows: (i) Their audit firm s number; (ii) Company registration number of their audit client; (iii) Financial year end for current submission of their audit client; and (iv) Type of auditor s report issued to their audit client. 2. The firm may fill the template soon after they have completed their audit process of their audit clients. 3. The Auditor s client listing and it s particulars needs to be submitted to SSM in a timeframe to be decided by the Registrar. 14

15 SECTION E : XBRL SUBMISSION PROCESS FEEDBACK TEMPLATE Feedback Template for Filers 1 Are there any other issues to be considered for the submission process? 2 Are there any proposals for improvements to the financial statements or the return for exempt private company submission process? 15

16 Feedback Template for Auditors 1 Are there any other issues to be considered in the Auditor s Client Listing and It s Particulars templates? 2 Would auditors prefer to send the templates referred to in paragraph 1 Section D on monthly, quarterly or yearly basis to SSM? 16