How is XBRL File Prepared for Filing with ACRA?
Companies incorporated in Singapore are required to submit financial statements in XBRL format with the Accounting and Corporate Regulatory Authority (ACRA) except for the companies that are exempt from filing such returns. But which companies are eligible and which ones are exempted? How to file financial statements with ACRA? Many such questions come to mind, however, let’s start by answering the most critical question of all:-
Who Needs to File Financial Statements with ACRA?
As mentioned above, all companies incorporated in Singapore are required to file financial statements in XBRL with ACRA. Some companies are required to file a full set of financial statements in the XBRL format, while others are required to submit only salient financial data in XBRL format or a PDF format. The revised filing requirements depend on the type of entity you own.
For instance, as per the revised guidelines introduced by ACRA, small and non-publicly accountable SG incorporated companies need to file financial statements in a simplified XBRL template along with a PDF copy of financial statements. On the other hand, all other SG incorporated companies are required to file financial statements in full, in XBRL format.
To check eligibility and the revised filing requirements in detail, please visit https://www.datatracks.com.sg/blog/revised-xbrl-filing-requirements-by-acra-available-for-voluntary-adoption-from-may-2020/.
How to Prepare and File XBRL Reports?
Companies have multiple options when it comes to filing financial statements in the XBRL format. The best choice depends on the resources available in-house.
- If you prefer professional assistance, you can consider outsourcing XBRL preparation altogether to designated service providers. The only prerequisite is to share your existing financial statements in a non-XBRL format (in Word, Excel, or PDF Format). These service providers will accurately tag and convert XBRL files based on ACRA taxonomy and deliver an error-free XBRL report for ready filing with ACRA after quality checks.
- If you have an in-house expert, you can download and install ACRA’s free BizFinx preparation tool that encompasses the appropriate taxonomy and allows accurate tagging of data elements.
Follow this Step-by-Step Guide to Do it Yourself.
Step 1: Download ACRA’s free BizFinx preparation tool.
Step 2: Extract your company’s existing financial statements in either Microsoft Word or Microsoft Excel format.
Step 3: Map the line items of your financial statements to relevant tags as per the ACRA Taxonomy. Fill in all the tabs in the template.
Step 4: Validate your XBRL financial statements offline. Review and correct all the errors highlighted before the final submission.
Step 5: Validate and upload your XBRL financial statements directly to ACRA from the BizFinx tool.
No matter which resource you opt for, you need the expertise or guidance of an XBRL professional, whether it is outsourced or in-house. DataTracks is a smart option for companies seeking outsourced service providers for their XBRL conversion processes. With over 15+ years of XBRL expertise, it offers quality and error-free XBRL reports. For more information on the XBRL conversion services provided by DataTracks, get in touch with our experts at +65-31583654, or please email firstname.lastname@example.org.