ACRA Updates the BizFinx Preparation Tool and Multi Upload Tool
Singapore’s Accounting and Corporate Regulatory Authority (ACRA) takes all necessary steps to assist companies in preparing and filing financial statements compliant with Singapore Financial Reporting Standards (SFRS). XBRL is a business reporting language that offers data analysis of the financial figures reported to ACRA by organisations. The companies in Singapore are required to submit their financial reports and annual statements in XBRL format.
Two ACRA tools that help filers prepare XBRL statements include the BizFinx preparation tool and the multi-upload tool. The BizFinx preparation tool allows companies to prepare their XBRL financial statements (FS). Next, companies can upload one or more XBRL financial statements to the BizFinx server using the multi-upload tool.
On 30th September 2022, ACRA released version 3.4 of the BizFinx Preparation Tool (Preptool) and the Multi-Upload Tool (MUT). Companies can prepare, validate, and upload their FS using the latest version of these tools from 1st October 2022 and are mandated to do so from 1st December 2022. Continue reading the blog to know more about the updates.
Latest Improvements in the PrepTool and MUT by ACRA
- Some validation rule exceptions have been re-categorised from genuine to possible error. This means that the companies can file without applying for business rule exemption once they confirm that it is not an error. For instance, though rare, non-dormant companies can indicate their revenue as zero. Thus, rule Misc_212 has been re-categorised from a genuine to a possible error.
- ACRA has improved guidance notes to show the linkage between primary statements and notes for some data elements, like revenue and notes to revenue. This is done to facilitate reconciliation.
- Error messages have been modified to clearly state how filers can check and correct errors in their filings.
- Filers who use older office versions without security support from Microsoft (Windows 7 and before) will not be able to operate the Preptool. Furthermore, 32-bit machines will no longer be supported post updates. Why? To tackle the rising cybersecurity threats! You can refer to the Microsoft website for the complete list of office versions that are no longer supported.
Updating the Older Version of the Preptool and MUT
ACRA has set out instructions to update the software if you have an older version of the Preptool and MUT installed on your computer. The following is a step-by-step procedure for the same:-
Step 1: Access the internet on your computer.
Step 2: Open the BizFinx preparation tool. The “Update for BizFinx preparation tool is available” message will be displayed.
Step 3: Click on “Ok”. The download link will be displayed.
Step 4: Click on “Download” to download the latest version, 3.4, of the tools.
To facilitate your transition to the new version, all Excel/XBRL.zip files prepared using the old BizFinx preparation tool and multi-upload tool can be opened and edited in the latest version without any data loss.
What Do the ACRA Updates Mean For Your Company?
Though the updates to XBRL preparation and filing tools are made to improve functioning, they can increase the burden on companies to understand and implement the same. But not anymore! By outsourcing your XBRL requirements to a trusted vendor like DataTracks, you can sit back and give up on your worries about ACRA updates and template filling for XBRL report generation.
DataTracks has a track record of preparing 220,000+ compliant reports for 17+ years. So what are you waiting for? Get in touch with DataTracks @ +6531582850 or email email@example.com to let XBRL experts take care of compliance with ACRA requirements.