Expert Tips to XBRL Filing in Singapore
It is a statutory requirement that companies incorporated in Singapore get to file their financial reports with ACRA. The filing should be done in extensible business reporting language (XBRL), however, there are companies that are exempted, and having knowledge of that is key. Many companies are not well conversant with XBRL filing Singapore, and that’s why engaging experts can be of great help. The majority of companies in Singapore use XML-based language to help with standardizing the format used for filing financial statements online.
XBRL filing makes it possible for the government to process the aggregated data and use it effectively for making the right regulatory decisions. Before you get started with XBRL filing Singapore, it’s important to have knowledge of the companies that are eligible and those that are exempted. There are companies that are required to file a full set of their financial records in XBRL format, and there are those permitted to only submit a part of their financial data in XBRL format and PDF.
It’s important to note that companies have a number of options that they can choose from when considering XBRL filing Singapore. The choice that you get to make also depends on the resources that you have available. If you’re not well conversant with the process, then you should consider outsourcing the services to a reputable corporate service provider Singapore. All you have to do is to share your financial data in a non-XBRL format with the service provider, then they will go ahead and work on it.
The corporate service provider Singapore that you choose to work with will then be able to accurately tag and also convert the financial data into XBRL files based on ACRA taxonomy. They will also be able to deliver an error-free XBRL report that’s ready for filing with ACRA after quality checks have been done. Engaging a professional service provider can be the best choice as they are well versed with the language and are capable of delivering error-free data.
If you are to do it all by yourself, then the following tips can be of help;
- Begin by downloading ACRA’s BizFinx preparation tool; it’s free.
- Extract the financial statements of your company either in Excel or Word format.
- Map the item’s line of the financial statements to the relevant tags according to ACRA taxonomy. Go ahead and fill in all the tabs in the template.
- Validate the financial statements offline. You can then review for errors and correct the highlighted ones before making the final submission.
- Validate and then upload XBRL financial statements directly to ACRA using the BizFinx tool.
When doing XBRL filing Singapore, you may need the help and guidance of an XBRL professional considering the complexity that the exercise can have. Onestop-ca.com has a smart option for companies seeking to outsource their corporate professional services, including XBRL filing. Reach out to the corporate service provider for a range of professional services.
Working with corporate service provider Singapore helps in ensuring that your financial statements are well verified for accuracy and XBRL filing done as required by ACRA.
Originally published by onestop-ca.com