Annual Filing of Financial Statements in XBRL Format

Starting 3 March 2014, Singapore's Accounting and Corporate Regulatory Authority (ACRA) announced changes to the revised XBRL filing requirements of Singapore incorporated companies.

Non-exempted companies that are either unlimited or limited by shares will be required to file their Annual Returns together a full set of financial statements in XBRL format via a new offline tool, BizFinx Portal. 

Filing of Option B (Partial XBRL), using FS Manager, will no longer be available.

 

What is XBRL?


XBRL (Extensible Business Reporting Language) is a language for the electronic communication of business and financial data worldwide. XBRL is an open-source software that enables the organisation and management of financial data for research and analysis. It also facilitates the communication of financial information online and amongst businesses with significant accuracy and reliability.

XBRL (Extensible Business Reporting Language) is a language for the electronic communication of business and financial data worldwide. XBRL is an open-source software that enables the organisation and management of financial data for research and analysis. It also facilitates the communication of financial information online and amongst businesses with significant accuracy and reliability.

ACRA has adopted XBRL as part of its overall strategy to streamline financial reporting and to enable the flow of financial information to the international business community, thus promoting a pro-enterprise environment.


Why Outsource Your XBRL Filings?

XBRL filing can be a time-consuming and daunting process for many companies. Our team of trained and experienced XBRL professionals can assist you with the preparation of financial statements in the XBRL format, according to the minimum requirement list reflected within the new ACRA Taxonomy 2013 more proficiently and cost-effectively. By outsourcing the preparation of XBRL financial statements, you can dedicate your time and attention to reviewing and ensuring the completeness and accuracy of the information.