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Why do I have to File Financial Statements in XBRL?
From 2 December 2013, most companies will need to file their financial statements in XBRL via new BizFinx system. Beaufort can help your company file your financial statements in XBRL with the Accounting and Corporate Regulatory Authority of Singapore (ACRA).
What is XBRL?
The electronic communication language for business and financial data worldwide, is called XBRL (Extensible Business Reporting Language). XBRL is an open-source software that enables the organization and management of financial data for research and analysis. It also facilitates the communication of financial information online and among businesses with significant accuracy and reliability.
To streamline financial reporting and to enable the flow of financial information to the international business community, thus promoting a pro-enterprise environment, ACRA has adopted XBRL as part of its overall strategy.
Who needs to file in XBRL and who is exempted?
The table below sets out the filing requirements for various types of companies:
Applicable Financial Periods
The revised XBRL filing requirement will apply to 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).
Minimum Requirement List
The minimum requirement list is a set of elements within ACRA Taxonomy 2013 which requires companies to file, if the information is available in the financial statements. Companies may choose to submit more information in XBRL format than the minimum requirement list.
The minimum requirement list is designed on a needs-driven basis, which means elements are only included for collection if they are sought after by consumers of financial information. A comprehensive cost-benefit analysis weighing the interests of all stakeholders was conducted before the minimum requirement list was derived.
The minimum requirement list as explained in the table below, and includes a combination of:
a text block element to allow companies to submit their entire set of financial statements; and
detailed information elements to allow companies to submit information within individual sections of the financial statements.
Please note that the applicability of each section listed above for submission will depend on the set of financial statements and the disclosures within. ACRA advises preparers to understand their financial statements to determine the relevant sections for submission in order to facilitate more efficient preparation.
Why Outsource Your XBRL Filings?
XBRL filing can be a time-consuming and daunting process for many companies. At Beaufort, our professional team can assist you with the preparation of financial statements in the XBRL format proficiently and cost-effectively.
Our Beaufort Compliance Services, will provide a dedicated account manager who will take care of all your:
Financial Report (FR) Conversion & XBRL Submission needs, from set-up to support.
Leverage our expertise today for the best results!
Call us at +65 62277 269 or Contact Beaufort Now for a free consultation.
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