Our conversion of financial statements into XBRL format (include uploading the file to ACRA) are based on the estimated hours (ie hrs x time cost per hr for preparer and reviewer) to complete the work for the financial year.
To prepare the XBRL financial statements, our team will perform the mapping by matching information within the Annual General Meeting (AGM) financial statements to a relevant concept within the ACRA XBRL Taxonomy. We will ensure the accuracy of the financial statements (line by line mapping) are reviewed before our submission to ACRA.
The mapping principles required for numeric concepts (the most common type of concepts found in the taxonomy) and disclosure of the complete set of financial statements and this is with reference to the XBRL Preparers Guide on XBRL Taxonomy.
There have been revision in the XBRL conversion set by ACRA (most recent update was in March 2017) and the transcription of financial statements into full XBRL format has become more stringent. Furthermore, we verify every line items in the full XBRL format against the AGM Financial Statements (as the contents of these two sets of accounts must be identical) which is tedious and time consuming.
We prepare the full XBRL using the BizFinx preparation tool, and on completion, the XBRL file is uploaded into BizFinz portal via ACRA. The BizFinx portal via ACRA requires more validation checks than the BizFinx preparation tool. These additional validation rules are usually checked against business data from BizFile+ and cannot be incorporated into the offline BizFinx preparation tool.
Singapore incorporated companies are required to file their financial statements with the Accounting and Corporate Regulatory Authority (ACRA) in the XBRL language format.
XBRL stands for Extensible Business Reporting Language.
XBRL is a computer language that turns documents into being machine readable.
The reason that Singapore requires that all financial statements are in XBRL formats instead of typical word document format is the way the data can be processed and analysed.
It creates a path for the data to be sorted, processed and interpreted by a machine as opposed to having the data be processed manually which is very expensive and time-consuming.
XBRL encoding will create documents to being machine readable.
The system can extract information automatically without the need of manual copy and pasting.
Companies incorporated in Singapore (unlimited or limited by shares) are required to file a complete set of financial statements in XBRL format.
The table lists the requirements for different types of companies:
We are happy to offer our accounting service in getting your business on track with the new BizFin XBRL software.
We provide the complete implementation in the initial setup of the software and the transfer of your existing financial statements into the XBRL code.
We ensure the proper representation of your business with accuracy and transparency.
Our XBRL services will eliminate the daunting task of figuring out how to use the online filing system which can be cumbersome and time-consuming.
We are very well-versed with the regulatory requirements of the ACRA and ensure that your company complies with the regulatory requirements in Singapore.
Be aware that it is your business which is responsible for the accuracy of the information uploaded into the file system. Your company holds accountable for any mistakes or discrepancies even if they are unintentional.
We handle your information responsibly, filed promptly, and with no errors or inconsistencies. Our accounting firm provides you with the peace of mind you need while running your business.
For a custom quote, please complete the quotation form and our accounting service team will contact you shortly.