MBRS 2.0 is not a new system — it is an upgraded version of the same MBRS platform, with a rebuilt taxonomy and expanded coverage. SSM announced it on 26 November 2024.
When it was announced and phased in
SSM announced the mandatory implementation of MBRS 2.0 on 26 November 2024, with rollout beginning in three phases from 1 December 2024. The final phase — covering Financial Statements — became fully mandatory from 1 June 2025. Around that transition, SSM also issued several time-limited administrative waivers of late lodgement fees to ease the changeover for companies and practitioners adjusting to the new system; the most recent waiver window referenced in public SSM notices ran into early 2026. These waivers softened the transition, but they did not extend the underlying statutory deadlines — see our deadlines and penalties guide for how that distinction actually works.
What is actually new
- A rebuilt taxonomy based on the latest Malaysian Financial Reporting Standards (MFRS), Malaysian Private Entity Reporting Standards (MPERS), and the revised requirements under the Companies Act 2016 — plus, notably, taxonomy support for submissions still governed by the older Companies Act 1965.
- A full set of financial statements requirement. To lodge financial statements with SSM, companies (including foreign companies registered in Malaysia) must now prepare a full set of financial statements in XBRL format, rather than partial or summary data in many previously accepted cases.
- Improved validation. Public guidance around MBRS 2.0 describes more structured error detection during preparation, intended to catch problems before submission rather than after.
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Who is now covered that wasn't before
The most significant practical change is scope. Financial institutions regulated by Bank Negara Malaysia (BNM) — banking, financing, and insurance companies — were previously exempted from the MBRS financial statement mandate. Under MBRS 2.0, that exemption has been removed, and these entities are now included in the mandatory filing requirement, alongside the public and private companies already covered.
Do not assume a past exemption still applies. If your company falls into a category that was excluded from MBRS before — particularly BNM-regulated entities — confirm your current status directly with SSM or a company secretary rather than relying on older guidance, including anything published before late 2024.
What stayed the same
The underlying structure of MBRS is unchanged: it is still built around the same three components — the SSM Taxonomy, the mTool preparation software, and the mPortal submission platform — just with an updated taxonomy version and, in most guidance, an updated mTool release. Annual Returns and Exemption Applications continue to be filed through the same platform. If you already understand how MBRS works structurally, MBRS 2.0 does not require relearning the system from scratch — it requires using the current taxonomy version and, in some cases, re-checking whether an old exemption still applies.
What this means for your filings practically
- Confirm you are using the current mTool version — an outdated version is one of the most common sources of validation errors after a system update (see our validation errors guide).
- If your company was previously exempt from filing (particularly if BNM-regulated), re-check that status under MBRS 2.0 rather than assuming it still applies.
- If you have a backlog of overdue filings, check whether any active SSM waiver period applies to your situation before assuming standard late penalties are unavoidable — but note that waivers address the fee, not the underlying statutory deadline.