Since 2007, Singapore started walking on the path of XBRL (Extendable Business Reporting Language). In 2007 only, the Accounting and Corporate Regulator Authority (ACRA) made it compulsory for the Singapore incorporated companies to file their financial statements in either full or partial XBRL format. ACRA implemented XBRL Filing with a motive to promote greater transparency in the corporate sector, thereby enhancing business reporting and the way information flows. In addition to that, ACRA also expects that by looking and by tapping at the XBRL enabled data, Singapore incorporated companies can speed up their business decision-making process.

Right from October 2013, Singapore embarks on the new and updated stage of XBRL reporting. All the Singapore incorporated companies, unless exempted will have to file a full set of financial statements in XBRL. The good thing is ACRA Has made available a new business financial information portal called BizFin to help companies bring ease and convenience to overall XBRL filing requirement.

-> What is XBRL Filing?

The full form of XBRL is Extensible Business Reporting Language. This is a computer language used in the IT sector to present the financial data. This data is presented in such a manner that it can be retrieved from the online records and directly transferred to the different users such as auditors, accountants, financial analysts etc., for different purposes.

-> Why You Need XBRL Filing?

With a belief that the use of XBRL filing will help in achieving the objectives of facilitating business in Singapore, ACRA has mandated the submission of financial reports in XBRL format. Besides, ACRA also believes that XBRL filing will enhance the offering of value-added financial information subsequently bringing about optimistic changes in the regulatory environment of Singapore. In addition to that, it is also expected to bring improved transparency and along with the timely dispersion of relevant financial information.

-> Who Is Exempt and Who Needs to File?

Companies incorporated in Singapore, either unlimited or limited by shares, that are already filing their financial statements with ACRA will have to file a full set of financial statements in XBRL format ,as per the minimum requirement list within the ACRA Taxonomy 2013.

Henceforth, Option B or partial XBRL filing that was available under the previous XBRL system will no longer be available.

Exempt companies will have to file their financial statements in PDF with FSH in XBRL format. The exempt companies that need not have to file a full set of financial statements in XBRL format are

Companies registered with the Monetary Authority of Singapore like banks, registered insurers, finance companies, etc.

Companies allowed by law to file their financial statements or prepare their accounts in different accounting standards other than SFRS, IFRS (International Financial Reporting Standards) and SFRS for small entities.

Insolvent EPCs, on the other hand has two options to file their financial statements with ACRA. Either to file a full set of financial statements in XBRL or to file full set in PDF along with FSH in XBRL format.

Companies limited by guarantee, foreign companies, and their branches will continue to file their financial statements in PDF format.

-> What is a BizFin˟ Preparation Tool?

ACRA offers BizFin˟-Preparation Tool without any charge for facilitating companies to prepare XBRL financial statements in accordance with the revised XBRL filing requirements.

The BizFin˟-Preparation Tool offers two types of highlighted errors; genuine and possible errors, as part of the validation checks in XBRL financial statements.

The BizFin˟-Preparation Tool is helpful in using the Annual General Meeting Financial Statements either in MS word or in MS Excel format as a source document. This source document can be used for different purposes like copying and pasting the source document as a full set of financial statements and for auto tagging or for drag-and-drop functions.

-> What is Meant By Validation Checks in XBRL Filing?

For your financial statements to be accepted as Annual Return Filing, the XBRL financial statements prepared by companies will have to pass the validation checks. As of now, there are three stages of validation checks BizFin˟-Preparation Tool, BizFin˟ Portal and Annual Return in BizFile.

The BizFin˟ tool is integrated with a specific set of business rules to validate the provided documents and generate results in two major categories Genuine and Possible errors.

Genuine errors need to be rectified before filing. By any chance, if the highlighted errors are not valid for the XBRL financial statements you have submitted, then you will have to apply for the exemption from the specific XBRL Filing format under BizFin˟ Portal.

Possible errors warn highlighting areas where the filed XBRL data might contain errors. It is necessary to rectify the errors in your XBRL data; but, if your XBRL data are free of errors, simply ignore the warnings without changing anything. Just make sure to click the provided checkboxes in BizFin˟ Portal, as a confirmation, that the uploaded XBRL data in the file are correct.

-> How to File?

As mentioned earlier, ACRA offers BizFin˟-Preparation Tool free of charge via a BizFile Website. Log into the website understand and complete all the procedures and prepare a comprehensive XBRL report all by yourselves. Although this is very complicated and time-consuming process, you definitely will save some money if you file your XBRL statements using this option.

Or else, leave all your worries aside, save your valuable time and get rid of the headache by engaging a professional firm like SBS Consulting offering competitive and cost effective XBRL Filing services.

SBS Consulting with their expert accounting service and auditing experts, prepare year-end financial report in XBRL format, thereby helping businesses to meet the compliance needs. SBS Consulting with their Error free and accurate XBRL filing in accordance with the revised XBRL requirements will ensure that all your XBRL needs are fulfilled satisfactorily.

SBS Consulting with their expert http://www.sbsgroup.com.sg/singapore-accounting-services/ accounting service and auditing experts, prepare year-end financial report in XBRL format, thereby helping businesses to meet the compliance needs. SBS Consulting with their Error free and accurate http://www.sbsgroup.com.sg/singapore-xbrl-filing-requirements-with-acra/ XBRL filing in accordance with the revised XBRL requirements will ensure that all your XBRL needs are fulfilled satisfactorily.

Author Bio: SBS Consulting with their expert accounting service and auditing experts, prepare year-end financial report in XBRL format, thereby helping businesses to meet the compliance needs. SBS Consulting with their Error free and accurate XBRL filing in accordance with the revised XBRL requirements will ensure that all your XBRL needs are fulfilled satisfactorily.

Category: Business
Keywords: accounting service, XBRL Filing, XBRL