Filing annual returns and financial statements with the Companies Commission of Malaysia (SSM) under the MBRS (Malaysian Business Reporting System) 2.0 framework can be a daunting process, especially for Company Secretaries juggling accuracy, deadlines, and compliance requirements. However, with the advent of powerful AI-enabled tools like IRIS Instant, filing creation has never been easier—or smarter. 

Built by the same experts who created the SSM Taxonomy, mTool, and MBRS portal, IRIS Instant is a cloud-based, AI-powered XBRL reporting solution. It dramatically simplifies the filing process, helps teams collaborate in real-time, and most importantly, prevents the most common MBRS filing mistakes. 

In this blog, we’ll explore how IRIS Instant empowers users to avoid frequent errors, streamline MBRS 2.0 compliance, and confidently submit high-quality XBRL reports. 

1. MBRS 2.0 compliance Mistake: Using Outdated Taxonomies

Problem: MBRS taxonomy is updated periodically by SSM. Using outdated templates leads to validation errors and non-compliance. 

IRIS Instant Advantage:
IRIS Instant is always synced with the latest SSM Taxonomy. Since it’s cloud-based, all taxonomy updates are automatically applied in the background. No need to download new versions or manually update the software. 

• Stay current without lifting a finger. 

2. Mistake: Incorrect or Incomplete Tagging of Financial Data

Problem: Manual tagging of line items, especially across MFRS or MPERS frameworks, can lead to missed tags or incorrect concepts. 

IRIS Instant Advantage:
Using its AI-powered data extraction, IRIS Instant scans your uploaded PDF and auto-tags numerical and textual elements with a tagging accuracy of over 95% for financial statements. It understands both simple and stylised PDFs and aligns extracted data with the right taxonomy concept. 

• No more hunting for the correct tag—IRIS Instant does it for you. 

3. Mistake: Misinterpretation of Aggregated Financial Concepts

Problem: Some XBRL concepts represent multiple disclosures in financial statements. Misreporting or skipping aggregation leads to rejection. 

IRIS Instant Advantage:
IRIS Instant auto-aggregates multiple disclosures into a single concept, as per MBRS taxonomy logic. For example, different types of depreciation can be combined under a single XBRL element. 

• One report. One concept. One accurate filing. 

4. Mistake: Skipping Mandatory Non-Financial Disclosures

Problem: Fields like number of employees, director ID types, and auditor’s address are often omitted, as they aren’t part of the PDF FS. 

IRIS Instant Advantage:
Through section-wise real-time validation, IRIS Instant detects such missing mandatory fields and alerts you with red flags. A simple click on the red pin takes you to the field in question for easy correction. 

• Complete MBRS 2.0 compliance—no detail left behind. 

5. Mistake: Errors During Manual Data Entry or Adjustments

Problem: Manually adjusting data can introduce new errors, inconsistencies, or lead to overwriting of accurate data. 

IRIS Instant Advantage:
The Review & Edit Interface replicates the familiar mTool layout and gives users full control. You can double-click on any field to trace it back to the source PDF. You can also add, modify, or delete entries effortlessly—no risk of corrupting the entire file. 

• What you see is what you tag—every edit is transparent and traceable. 

6. Mistake: Forgetting to Validate Final Outputs Before Submission

Problem: Submitting without validating results in rejections and rework. 

IRIS Instant Advantage:
Built with the same XBRL-certified validation engine as SSM’s MBRS Portal, IRIS Instant validates your data section-by-section in real time. Errors are flagged, and you’re guided step-by-step to resolve them before generating your final XBRL file. 

• Zero surprises post-submission. 

7. Mistake: Failing to Provide Context or Explanatory Notes

Problem: Missing footnotes and contextual clarifications confuse regulators or create the impression of incomplete data. 

IRIS Instant Advantage:
IRIS Instant auto-generates footnotes when values are calculated or derived. You can also add custom footnotes for transparency, giving regulators the context they need for a clear interpretation. 

• Explain your numbers—without additional paperwork. 

8. Mistake: Overlooking Mandatory Text Block Tagging

Problem: Forgetting to tag blocks like Auditor’s Report or Director’s Statement can lead to file rejection. 

IRIS Instant Advantage:
IRIS Instant uses AI to auto-detect and tag mandatory text blocks. You can refine, edit, or manually tag other disclosures too, ensuring all required content is captured. 

• No more missed disclosures. 

9. Mistake: Poor Team Collaboration or Version Confusion

Problem: Using offline tools can cause version mismatches and delay coordination between preparers and reviewers. 

IRIS Instant Advantage:
IRIS Instant is cloud-based and supports multi-user, role-based access. Your team can collaborate in real time, access audit trails, and assign tasks for faster, coordinated reporting. 

• Everyone stays in sync—from first draft to final filing. 

10. Mistake: Repeating Data Entry for Subsequent Filings

Problem: Redoing company profile details or settings each time wastes hours. 

IRIS Instant Advantage:
The system’s smart memory stores and auto-fills company details and framework preferences. Repeat filings become effortless. 

• Filing history remembered, productivity maximized. 

IRIS Instant is more than just a filing tool—it’s a complete XBRL and MBRS 2.0 compliance platform purpose-built for MBRS 2.0. With features like AI-powered tagging, real-time validation, editable webforms, and taxonomy auto-updates, it drastically reduces human error and ensures your filings are accurate, complete, and regulator-ready. 

Start your journey towards stress-free MBRS filing today. Choose IRIS Instant.