In order to maintain their records up to date, the Accounting and Corporate Regulatory Authority (ACRA) in Singapore mandates that Singapore-incorporated enterprises submit their yearly financial statements in XBRL format. Choosing the apt XBRL Filing Services for the task is an important task.
In light of the outbreak, businesses should keep a number of considerations in mind while producing and submitting their XBRL financial statements in the near future. So, here are three significant events that happened throughout the course of the previous year.
It has been decided to modify the XBRL document filing requirements
New reporting obligations, the first of which will take effect on January 1, 2021, will be enforced by the ACRA beginning with the first day of the year. Despite the dire economic conditions surrounding Covid-19, the ACRA has decided to extend the deadline in order to give enterprises more time to comply with the new XBRL filing requirements and data components that have been implemented.
According to the most recent revision, companies must comply with the new XBRL filing requirements and data components by May 1, 2021. Organizations may also choose to voluntarily accept revised reporting standards before they become a legally enforced obligation. Before adopting the new XBRL filing requirements and data items, it would be useful to test the system to ensure that everything functions as expected and that no errors are encountered.
In the first instance, the BizFinx Preparation Tool is being phased out of the system
Since 2014, the BizFinx platform has made it possible to submit XBRL financial reports via the use of a number of tools and other resources. Until the ACRA released the BizFinx multi-upload tool in May 2019, companies were not permitted to submit several XBRL files to the BizFinx server at the same time. As a result of these modifications, firms will no longer be needed to utilise the BizFinx website in order to validate and submit XBRL financial statements.
As a result, ACRA has decided to decommission the BizFinx site on October 1, 2020, in accordance with the law.
Financial Statements in XBRL Format:Preparation and Administration (Extensive Business Reporting Language)
You have three options for preparing your XBRL financial statements: in a word processor, a spreadsheet, or both.
- You may make use of the preparation tool to help you prepare and submit your annual tax return.
- You may either utilize accounting software or do it manually to prepare and file your annual tax return on time.
- When it comes to creating high-quality XBRL financial statements for your company, it’s ideal to delegate the task to a reputable service provider that has experience in the field.
- Interested in learning more about the XBRL financial reporting process? Do you have any questions or concerns? If that’s the case, there are experts to assist you in any way they can.
Constantly attempting to keep up with all of the ACRA changes and new reporting requirements might lead to feelings of tiredness and confusion. When you have a dependable partner on your side, you can put your troubles aside and focus on building your business.