XBRL Financial Report Services in Singapore
Package Fee for XBRL Filing Services
|Packages Available||Fee (SGD)|
|Preparation of full set of financial statements in XBRL format (Active Company)||from $600 (W/GST $642) *, **|
|Preparation of Financial Highlights||from $400 (W/GST $428)|
* Extra fee will apply for the Company with property, plant and equipment, employee compensation, financial assets, financial liabilities and other items.
** Extra fee will apply if the word copy of the audited financial statement provided by the auditor is not in full compliance with BizFin requirement
ACRA Announces Revised XBRL Filing Requirement and Releases New XBRL Preparation Tool for Companies
ACRA announced on 30 September 2013 that the revised XBRL filing requirements will be implemented from 2 December 2013. Replacing the online FS Manager will be a new offline tool, BizFinx, for preparing XBRL financial statements and the BizFinx Portal, for submitting the Annual Returns together with these financial statements.
Fast, Reliable Professional Service — Get Help With Your XBRL Filing!
We provide XBRL services starting from S$400 (W/GST $428), completed from 2 to 4 days. Call or email us today to get your quotation!
What do we need to prepare XBRL?
We need only the scan copy and word copy of the full set financial statements to prepare the XBRL.
What is XBRL?
XBRL stands for eXtensible Business Reporting Language, a language used in computers to present financial statements such that they can be retrieved from online records and transferred directly to users such as auditors, regulators and financial analysts for various purposes. More information on XBRL can be found at www.xbrl.org. The Accounting and Corporate Regulatory Authority (ACRA) implemented a new filing requirement for Singapore incorporated companies to file their financial statements (FS) in XBRL format as of 1 November 2007.
Why the need for XBRL?
Most companies currently file their FS in PDF format. ACRA believes that the use of XBRL will achieve the objectives of facilitating the conduct of business in Singapore, providing more value-added financial information and enhancing the regulatory environment with improved transparency and timely dissemination of relevant financial information.
XBRL enables source data to be tagged electronically, making the data machine-readable. Thus, the user’s system can automatically extract the information without the need for copy-pasting or keying-in. XBRL enables tagging of numbers, quantitative data and textual information. The benefits of XBRL go beyond compliance since any data collation process can be streamlined using electronic tags.
Who is responsible for the correct representation and accuracy of information?
Directors of the companies will continue to be responsible for the correctness and accuracy of FS in XBRL format filed with ACRA. They are therefore advised to check the information to be filed before authorizing their company or persons to submit the information on behalf of the company to ACRA.
Who is affected by the revised XBRL filing?
All Singapore incorporated companies (unless exempted below) which are either unlimited or limited by shares required to file their financial statements with ACRA will be required to file a full set of financial statements in XBRL format, according to a Minimum Requirement List within the new ACRA Taxonomy 2013 (i.e. Full XBRL). Filing of Option B (Partial XBRL), using FS Manager, will no longer be available.
Which businesses are excluded from XBRL filing?
The following types of companies are exempted from filing their full set of financial statements in XBRL format, and will file their financial statements in PDF with Financial Statements Highlights in XBRL format instead:
- Companies which are (1) Commercial Banks; (2) Merchant Banks; (3) Registered Insurers; and (4) Finance Companies, that are regulated by the Monetary Authority of Singapore; and
- Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS (International Financial Reporting Standards).
Solvent exempt private companies (EPCs) will continue to be exempted from filing their FS with ACRA.
Insolvent EPCs will have the following options to file their financial statements with ACRA:
- A full set of financial statements in XBRL format; or
- A full set of financial statements in PDF with Financial Statements Highlights in XBRL format.
Companies limited by guarantee will continue to file only their financial statements in PDF format to ACRA.
Foreign companies and their local branches will also continue to file only their financial statements in PDF format to ACRA.
Applicable financial periods
The revised XBRL filing requirements will be applicable for companies if they are filing financial statements with periods ending on or after 30 April 2007. Companies filing financial statements relating to financial periods ending before 30 April 2007 will continue to file their financial statements in PDF format and their financial highlights in respect of the financial statements in their Annual Return (AR).
What are the advantages of preparing the XBRL voluntary?
Free data analysis will be made available at ACRA’s new one-stop financials filing portal, BizFinx, which will commence operations when the revised filing requirements take effect in October. Company directors and officers can log into BizFinx Portal to generate the free analysis within 30 days after filing their AR form with a full set of financial statements in XBRL format. This analysis is only available once a year upon the filing of the AR by the company and companies can utilize these data to:
– Benchmark themselves against peers
– Compare their performance against competitors
– Gain a competitive edge with improved analytics
– Understand industry trends and make appropriate decisions
– Achieve cost savings within your company with better business insights and quicker and more accurate decision-making
– Compare, share and transmit data with related subsidiaries and different company divisions even if different accounting systems are being used.
How can I prepare?
You can either:
- Do-it-yourself: download the tool at ACRA website, go through all the procedures and prepare the XBRL report yourself, OR
- Free yourself of the hassle by engaging a professional firm like 3E Accounting Pte. Ltd. to assist you in the preparation
To facilitate DIY XBRL filing, ACRA has provided a free offline tool known as “BizFinx” to enable companies to prepare and manage their FS in XBRL.
What are the advantages of outsourcing if I can do it myself?
Because directors are responsible for the correct representation and accuracy of the information filed, this task is not something that directors or owners of businesses often leave for their subordinates to do. However, the filing process can be time-consuming and daunting for directors.
Outsourcing the filing to a professional accounting services firm will give you the peace of mind in meeting your company’s compliance needs. For a small investment, you are likely to save a lot of time which can be devoted to doing more business, rather than going through the hassles of figuring out how to use the system, extracting what to disclose, keying in, and checking.
We will be pleased to clarify any doubts that you may have on the above. If you need assistance with your accounts to meet the reporting deadlines or for assistance in tax filing, please feel free to contact us at firstname.lastname@example.org .