What is XBRL Filing? Advantages of XBRL Filing.

XBRL is a kind of XML-based business reporting language used to convey financial data. ACRA has asked Singapore companies to use this language to file their financial statements. There are many XBRL Singapore filling services that assist their clients in the task.

During XBRL filing, you need to utilize XBRL taxonomies and data elements to convert the company’s financial data in XBRL format. You then need to lodge your XBRL reports to the ACRA within due dates.

 

 

 

Advantages of XBRL Filing

XBRL is an abbreviation for eXtensible Business Reporting Language. There are advantages of utilizing an extraordinary or standard XBRL format for financial statements. Utilizing it to record financial reports online simplifies it for the ACRA to process and examine the totaled information.

Such an assortment of the immense measure of monetarAccounting services Singaporey information in a remarkable configuration gives ACRA the right reason for settling on administrative choices and fundamental changes. It is additionally valuable to the monetary specialists and establishments, directors, organizations, and financial backers to comprehend market patterns and to make their future arrangements.

 

Which Companies Must Do the XBRL Filing

Singapore registered companies, limited or unlimited by shares, must file their annual financial statements using XBRL filing. As per ACRA (Accounting and Corporate Reporting Authority), this obligation is part of their statutory compliance. However, most companies appoint outsourced accounting services Singapore for the task. These experts take care of this time-consuming task capably.

 

Revised the XBRL Filing Requirements

In 2020, ACRA revised the XBRL filing requirements, and they came into effect from 1 Jan 2021. You can rely on your provider of accounting services to use the revised tag libraries and data elements for filing your company’s financial statements in XBRL format (XBRL FS).

There are two ways to prepare your XBRL FS for filing the company’s annual return:

  1. Using BizFinx Preparation Tool

Prepare your company’s XBRL FS using the BizFinx preparation tool (Version 3.2). And then log in on ACRA’s BizFile+ website to submit the annual return. This tool is advanced than its predecessor as it allows you to edit the output files prepared in Excel / XBRL.zip format without losing your precious business data.

 

  1. Accounting Software

Use the latest accounting software that can prepare or convert your data in XBRL format and file your company’s annual return (with Simplified XBRL FS) on BizFile+. You can also use the BizFinx prep tool offline. You or your provider of accounting services Singapore can use it to prepare, validate, and submit the company’s XBRL FS.

First of all, multitasking to grow your business is hard work in itself. And there are only a few hours in your hand. That is why it makes sense for many business owners to appoint an accounting service that also specialises in XBRL filing accounting services Singapore. These professionals keep up with the changes in the requirements and assist you with your annual filings competently.

 

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