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 monetary 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.
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 accounting services
Singapore. These professionals keep up with the changes in the requirements and
assist you with your annual filings competently.
For those who want to know about accounting services in Singapore. This blog provides complete information on it.
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