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XBRL (eXtensible Business Reporting Language) Report

XBRL-Report

The XBRL annual report is prepared for the purpose of Singapore annual return filing. The emergence of XBRL filing standard has a lot to do with the manner in which it seamlessly communicates, compiles and shares the financial data or information of a business entity.

eXtensible Business Reporting Language is commonly known as XBRL. It is XML based language used for business communication worldwide. With effect from 1 Nov 2007, the ACRA (Accounting and Corporate Regulatory Authority) of Singapore has adopted this form of language as a new filing requirement for the Singapore companies. XBRL has enabled easy access to financial statements of organizations and made the entire communication process extremely smooth and functional.

Advantages of XBRL Filing:

  • Financial statements presented in XBRL format can be easily retrieved from online records and communicated for further actions to be taken such as auditing and analysis.
  • It can enhance the regulatory system with transparency and timely release of relevant financial data and information.
  • XBRL enables electronic tagging of data
  • Easy accessibility
  • Reports can be prepared in accordance with regulatory needs.
  • Companies can compare performance against competitor and gain competitive edge

XBRL Filing Requirements:

All Singapore incorporated companies that are either unlimited or limited by shares must file their financial statements in XBRL format. The exempted private limited companies and dormant companies are exempted from filing financial statements. Below mentioned companies are allowed to file their financial statements in PDF format:

  • Companies limited by guarantee
  • Companies that are merchant banks, commercial banks, registered insurers and finance institutions as stated in the Monetary Authority of Singapore Directory;
  • All companies that are permitted by law to prepare in compliance with accounting standards other than International or Singapore Financial Reporting Standards.

There are two options available for XBRL filing with ACRA. Option A is full set of XBRL filing and option B is Partial XBRL.

Revised XBRL Filing Requirements

ACRA (Accounting and Corporate Regulatory Authority), governing authority of Singapore has announced few changes to the filing requirements of Singapore incorporated companies and will take effect from 22 October 2013. The authority has released a new XBRL Preparation Tool (BizFinx) for Companies. As per revision, the file must comply with the minimum requirement list reflected within taxonomy of 2013. Under the current XBRL filing option A (Full set of XBRL ) is available and Filing of Option B (Partial XBRL) will no longer available.

  • ACRA has launched new portal BizFinx with specific XBRL preparation tool where offline preparation tool is also available. Online FS manager has been replaced by BizFinx tool.
  • Companies such as Commercial Banks, Merchant Banks, Registered Insurers and Finance Companies, that are regulated by the Monetary Authority of Singapore will file financial statements in PDF format with Financial Statements Highlights in XBRL format.
  • Companies limited by guarantee will continue to file their financial statements in PDF format.
  • Foreign-based companies and their local branches will also continue to file their financial statements in PDF format to ACRA.

Outsource XBRL Filing

Let our experienced and skilled XBRL professionals help you with the perfectly done XBRL filing. We will prepare and present your financial statements in compliance with the minimum requirement reflected in the ACRA taxonomy 2013. Our professionals are well acquainted with the new XBRL preparation tool BIzFinx and can deliver services with ease.

Our XBRL services include:

  • Prepare financial statements in XBRL format and submit it to ACRA
  • Ensure effective and accurate filing report
  • Provide information on new changes/ amendments made in XBRL filing
Please feel free to contact us on +65 6536 0036 or drop in an email at info@accountingservice.com.sg

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