Revised XBRL Filing Requirements
In 2020, ACRA updated XBRL filing requirements, which came into force on May 1 2021. You need to be aware of these changes to comply with your obligations. It will help you in preparing and filing XBRL financial statements accurately.
Through the latest revision, ACRA has done its best to simplify XBRL filing for the companies. In this direction, it has reduced the number of data elements. So, if you do your XBRL filing in-house, getting familiar with the revised XBRL filing requirements and data elements will help you sort out the intricacies.
3 Key XBRL Filing Related Developments You Should Know
BizFinX Preparation Tool is No More Available
Since 2014, Singaporean companies have been using the BizFinX portal to validate and upload XBRL financial statements during XBRL filing. The portal gave them access to several valuable tools and resources that helped them convert their financial data using the XBRL format.
ACRA has discontinued the BizFinx portal since October 1 2020. Today, you need to use the BizFinX Multi-Upload tool. The benefit is that you get to upload multiple XBRL files to ACRA at a time.
Ways to Prepare XBRL Financial Statements
You can prepare XBRL financial statements using one of the ways described below:
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Use the BizFinx preparation tool and then log in on the BizFile+ portal to file your Annual Return (AR)
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Use the latest accounting software to prepare and file your company's AR
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Appoint a reliable XBRL filing service provider
Appoint XBRL Filing Service Provider
At first, the latest changes in the XBRL filing requirements may seem complicated to absorb and implement. However, you can appoint an experienced provider of XBRL filing services for the task.
These service providers employ expert accountants. These professionals are well aware of the revised XBRL filing requirements. They know how to implement them to convert your FS in XBRL format accurately.
You can trust these providers as they are used to preparing quality and error-free XBRL reports for their clients. Employing them saves you time and resources. You can use the saved time to achieve the goals and objectives of your business.
Contact us at info@sbsgroup.com.sg or call us on +65 6536 0036 to know our affordable services for XBRL filing in Singapore.
