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XBRL Filing Requirements
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Effective 3 March 2014, ACRA requires companies (unless exempted) to file financial statements in XBRL format.
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The offline BizFinx preparation tool is being provided by ACRA free of charge to enable companies to prepare the financial statements in XBRL format. On completion of conversion, there is a need to validate any errors highlighted by the BizFinx system, and rectify them accordingly. At times, request for exemption from ACRA may be necessary.
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ACRA emphasizes the importance of accuracy of the XBRL financial statements as these data may be used by various stakeholders for decision-making and analysis. It also mentions companies may face prosecution if the errors are found to be materially false or misleading. Hence, the person preparing the XBRL financial statements should have a rudimentary grasp of accounting knowledge to ensure the correctness and accuracy of the XBRL financial data.
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The preparation, validation, rectification and filing process of the XBRL financial statements may be time-consuming and complex. Outsource the job to XBRL.sg! Our expertise will save your precious time, yet enable you to ensure accurate and timely submission.
Are you required to file a full set of financial statements or simplified financial statements in XBRL, or are you exempted from XBRL filing? The below chart serves as a guide.
