Singapore XBRL

ACRA launched the FS manager and issued XBRL filing requirements for corporate financial reporting in the year 2007 in Singapore to inculcate a discipline based financial reporting approach that provided value-added information to both local and international business community. Over the years, ACRA kept modifying and implementing new changes and requirements in the XBRL thereby expanding its focus on more companies and from 1^st May,2021 it has now made it mandatory for all companies in Singapore to file their financials with ACRA in XBRL format.

XBRL uses a powerful version of XML that identifies tags which are processed effectively using the computer software and provides important business and financial information to various stakeholders.

The benefits of XBRL are;

• Key financial information is available in numbers, percentage and fraction making it easy for use.
• Information is calculated and grouped well based on relations with various items and can be used easily for both organizational and presentation purposes.
• Totally automated process which involves use of computer software leaving no scope for errors with zero human intervention.
• Greater transparency allowing easy data interpretation and analysis.
• XBRL data can be used to develop industry benchmarks, make comparative analysis of companies in the same industry, sector-wise comparison and also helps to improve decision making.
• Corporate compliance and financial profile report provide an overview of company information, finances and its compliances.

Every company incorporated in Singapore except the ones which are exempted are required to file their financial statements with ACRA. The filing needs vary for companies, while some need to file a full set of XBRL format, others require to only file key financial information along with a signed copy of financial statement, while there are some companies that do not require to file financial statements with ACRA. The detailed information about these companies and their filing requirements are available on https://xbrlcompliance.com/service/acra-guidelines/.

In order to help companies with XBRL filings, ACRA has provided a lot of information on its official website.  This information covers details about processes, financial statements and other requirements so that XBRL filings can be done smoothly. Some of the important points that must be noted while doing XBRL filings are;

1. All Companies need to prepare their financial statements and file them in XBRL format as annual returns in the following manner;
   1. By using the BizFin^x  tool to prepare company’s XBRL financial statement and filing the annual return through BizFin^x  portal;
   2. By using any ACRA approved accounting software to prepare simplified XBRL and filing the annual return to ACRA

The steps involved in preparing a company’s financials in XBRL format using the BizFin^x  tool are;

1. Downloading the ACRA’s BizFin^x preparation tool for free from https://www.acra.gov.sg/xbrl-filing-and-resources/download.
2. Retrieving company’s financial statements from the company’s AGM prepared in either MS Word or MS Excel format.
3. Filling in all the data fields with available items to the relevant tags based on ACRA’s taxonomy.
4. On completion of the XBRL financial statement the same needs to be validated offline to identify any errors and the same should be rectified.
5. After successful validation, the validated file needs to be uploaded directly from BizFin^x  preparation tool by logging on to BizFin^x  portal.

2. ACRA provides a complete list of items that need to be mapped from the company’s financial statements into the XBRL format. Companies need to ensure that this data is made available along with other information in their annual financial statements. Adhering to this list ensures that all companies follow a consistent pattern of information disclosure and any key financial information is not left behind.

The table below provides a list of items required in XBRL format for both current and revised filing requirements:

3. Based on the Accounting standards and Companies Act, ACRA has developed its taxonomy which enables easy comparison of data collected from various companies across various sectors. The ACRA taxonomy is regularly updated and is easily accessible on https://www.acra.gov.sg/how-to-guides/filing-financial-statements-in-xbrl-format/introduction-to-acra-taxonomy.

With the above information companies can file their financials in XBRL format fulfilling all the requirements of ACRA.

However, though this process seems to be simple it can be a tedious and time taking activity and businesses would want to spend their valuable time on focusing on their core business processes. It is for these companies and others that Xbrlcompliance comes into picture. At Xbrlcompliance we have a team of dedicated professionals who are experienced in XBRL filings and ensure that your financials are filed within the stated deadline.

We help our clients by taking off their extra workload and helping them to complete their filings in the most professional manner and at the best price. Using our XBRL filing services ensures that you do not need to worry about any compliance related issues and be rest assured that your financial information is in safe hands. We at Xbrlcompliance value both your time and money and hence provide you with high quality service. Our team of experts are available round the clock and help you to solve all your queries. XBRL filing is a very important task for every company and we understand it best. Choosing us to help you file your annual returns to ACRA makes you 100% sure that all guidelines and procedures will be followed, timely and error free output will be provided and fines and penalties will be avoided.

So, if you want to enjoy these benefits and focus on your business growth then feel free to contact us at XBRL Compliance | Singapore XBRL Filing Services

Reference Source: https://www.acra.gov.sg/xbrl-filing-and-resources