SSM - New Audit Exemption Criteria for Private Companies & Implementation of MBRS 2.0 Phase 2

1.

New Audit Exemption Criteria for Private Companies

SSM published an article titled “SSM Unveils New Audit Exemption Criteria for Private Companies: Achieving a Balance Between Easing Regulatory Burden and Ensuring Transparency” on 18 February 2025.

This article outlines the newly refined audit exemption criteria aimed to foster the growth of small medium enterprises (SMEs) in Malaysia. In line with global practices, this initiative seeks to reduce the regulatory burden on private companies while maintaining transparency and accountability.

Please click here for further details.

2.

Implementation of MBRS 2.0 Phase 2

Following the launch of the Malaysian Business Reporting System (MBRS 2.0) and the mandatory implementation of Phase 1 on 1 December 2024, SSM will require the mandatory submission and lodgement of the following documents and implementation of Phase 2 to take effect on 1 March 2025:

• Annual returns under the Companies Act 1965;
• Financial statements under the Companies Act 1965;
• Certificate for exempt private companies (EPC) under the Companies Act 1965;
• Financial statements for financial Institutions regulated by Bank Negara Malaysia (BNM) under the provisions of the Companies Act 1965 and the Companies Act 2016;
• Statutory declaration and financial statements and reports from place of origin/home country (Head Office) for foreign companies under the Companies Act 1965 and the Companies Act 2016; and
• Application and lodgement of Rectification/Court Order for annual returns and audited financial statements under the Companies Act 1965.

Please click here for further details.