What is XBRL Filing?
What is XBRL Filing?
XBRL is a type of XML-based business reporting language used to communicate financial data. ACRA has asked Singapore companies to use this language to file their financial statements. There are many XBRL filing services Singapore that assist their clients in the task.
During XBRL filing, you need to use 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.
Key Benefit of XBRL Filing
XBRL is an acronym for eXtensible Business Reporting Language. There are benefits of using a unique or standard XBRL format for financial reporting. Using it to file financial statements online makes it simple for the ACRA to process and analyse the aggregated data.
Such a collection of the vast amount of financial data in a unique format gives ACRA the right basis for making regulatory decisions and necessary changes. It is also useful to the financial experts and institutes, managers, companies, and investors to understand market trends and to make their future plans.
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.
2. 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 services Singapore. These professionals keep up with the changes in the requirements and assist you with your annual filings competently.