1. What is XBRL?
XBRL stands for eXtensible Business Reporting Language, an open standard used in computers to present financial statements such that
they can be retrieved from online records and transferred directly to users such as auditors, regulators, financial analysts for various purposes.
2. ACRA's New Filing Requirements
The Accounting & Corporate Regulatory Authority (ACRA) implemented a new filing requirement for Singapore incorporated companies
to file their financial statements (FS) in XBRL format with effect from 1 November 2007. ACRA believes that the use of XBRL will achieve the objectives
of facilitating the conduct of business in Singapore.
This will provide more value-added financial information and enhance the regulatory environment with improved transparency and timely dissemination
of relevant financial information.
3. Who is responsible for the accuracy and correct representation of information?
Directors of the companies will continue to be responsible for the correctness and accuracy of FS in XBRL format filed with ACRA.
They are therefore advised to check the information to be filed before authorising their company or other authorised personnel to submit the information
on behalf of the company to ACRA.
4. Why Outsource?
Directors are responsible for the correct representation and accuracy of the information filed, however, the filing process can be tedious and time-consuming for them.
Outsourcing the filing to a professional services firm like BizPro will give you the peace of mind in meeting your company's
compliance needs. For a small investment, you are likely to save a lot of your time which can be devoted to doing more business, rather than
going through the hassle of figuring out how to use the system, extracting what to disclose, keying in, and checking.
5. What we need?
Send us a signed copy of your audited financial statements so that we can turnaround within 5 working days.
We will be pleased to clarify any doubts that you may have on the above.
If you need assistance, please feel free to contact us by phone, email, or through the Contact Us page.
