Guide to Preparing XBRL Financial Statements via BizFinx
Know about XBRL preparation in detail
XBRL is the business reporting standard that ensures that the organizations’ financial figures reported to the regulatory authorities can be used in data analysis. One of the vital abilities of the XBRL preparation is to create clear, accurate, reusable digital versions of financial statements. The companies in Singapore must submit their financial statements and annual returns in XBRL format with Accounting and Corporate Regulatory Authority (ACRA) except for those exempt from doing so.
The most critical question that would be running through your mind right now must be –
How to Prepare XBRL Financial Statements?
Good news for every XBRL filer: Companies have various options for preparing financial statements in the XBRL format. Let’s understand the most common one – using the BizFinx preparation tool.
Introduction to the BizFinx XBRL Preparation Tool
BizFinx is a portal offered by ACRA for companies to prepare and upload their XBRL preparation of financial statements in compliance with Singapore Financial Reporting Standards (SFRS). Earlier, companies used to file only a single account’s financial statements via the BizFinx portal. However, since the introduction of the new and upgraded BizFinx multi-upload tool in May 2019, companies can simultaneously upload multiple XBRL files on the BizFinx server. Check out your software and hardware requirements to run this tool effectively.
System Requirements for BizFinx XBRL Preparation Tool
To install the BizFinx XBRL preparation tool, the following requirements must be met:-
- Operating systems and software Microsoft Windows 8.1, Windows 10, and above
- The net framework should be 4.7.2 or later
- Intel Core i3 or above, a non-intel processor of 2.0GHz or above
- Free hard disk space of at least 200 MB
- RAM of at least 2 GB
- Monitor Resolution of 1280 X 800 and above
Step-by-Step Guide to Prepare Your XBRL report for Financial Statements
Step 1: Download the free BizFinx xbrl preparation tool provided by ACRA.
Step 2: Retrieve your financial statements, also known as source documents, in Microsoft Word or Microsoft Excel formats.
Step 3: Map one or more items of your financial statements to a tax in the ACRA taxonomy. Mapping is done by matching the information provided in your financial statements with a relevant concept within the taxonomy.
Step 4: Complete all the tabs in the template and customize it, if required.
Step 5: Validate and generate your XBRL financial statements.
Step 6: Review and correct any errors before final submission.
Step 7: Validate and upload your XBRL financial statements to ACRA directly from the BizFinx preparation tool.
Confused About Preparing Your XBRL Financial Statements?
Using the BizFinx preparation tool or other methods may seem a little overwhelming. However, with a trusted partner like DataTracks, you can let go of all your worries about preparing and filing XBRL financial statements. Specialists in XBRL preparation service for over 16 years, DataTracks has curated and delivered 200,000+ reports to 19,900 clients.
For more information on the XBRL financial statements prepared in compliance with ACRA, speak to an XBRL expert at +65-31-583-654 or email @ email@example.com