How to Correct an Error in Your XBRL Financial Statements with ACRA
- The financial statements displayed in the AGM do not match the data in XBRL format.
- Data in the XBRL report is incomplete.
- There’s an incorrectly tagged element in the XBRL financial statements.
These are some of the common errors companies make while filing annual reports in the XBRL format to ACRA.
So what do you do if your company has filed an erroneous XBRL financial statement? Is there a way out? Let’s find out.
If you have detected an error in one of your past XBRL filings, you have two options:-
- File an NOE (Notice of Error) with ACRA to rectify the errors
- File a Court Order to remove the AR and re-file a new one
Note: You must file the NOE as soon as possible because if errors are found misleading, you may have to face prosecution.
- NOE for Errors Filed Before Jan 3, 2016
If your company has filed the NOE before the date mentioned earlier, you only need to file the signed PDF copy of the AGM financial statement as part of the NOE. You don’t need to submit a rectified XBRL file.
- NOE for Errors Filed On/After Jan 3 2016
If you’ve filed the NOE after the said date, you must prepare and file amended financial statements in the XBRL format through BizFinx. Also, ensure that the FS is based on a similar taxonomy version as in the original XBRL financial statements.
For instance, if the original XBRL FS were filed based on the current XBRL filing requirements, then the rectified FS will also be prepared with the same current XBRL filing requirements. You can use version 2.7 of the BizFinx preparation tool to prepare the rectified financial statements. However, you must use version 3.2 if the financial statements were originally prepared based on the revised XBRL filing requirements.
For further information about filing the NOE, please refer to the below link:-
But Wait! There’s Another Hidden Option Number 3 – Outsource
Outsourced XBRL service providers like DataTracks ensure that the XBRL financial statements are tagged, mapped, and managed accurately. DataTracks boasts of a commendable experience of over 16 years in XBRL preparation and can help your company file error-free financial statements. So you can focus on streamlining your core business operations and leave your ACRA-related conversion, tagging, and error worries to DataTracks.
For more information about their error-free XBRL preparation and tagging services, please speak to a DataTracks expert @ +65-3158-3654 or email at firstname.lastname@example.org.