Is Your Business Set Up for XBRL Filing? Here’s What You Need
All companies listed in Singapore must submit their financial statements in the XBRL format to ACRA. XBRL (eXtensible Business Reporting Language) is a standardized format that has been adopted all across the globe by governments, businesses, analysts, accountants, and more, making it an international standard for digital financial reporting.
Now that you know that you need XBRL, the question that comes to mind is –
What is XBRL, and how does it work?
Are you set up for XBRL filing?
Do you have the prerequisites you need to file error-free and on time?
Here’s a list of everything you need to prepare XBRL reports in-house.
- An In-House Resource
The first thing you need is someone with prowess in XBRL and Singapore taxonomy. The resource must have in-depth knowledge about the filing requirements laid down by ACRA.
Honestly, one resource is not going to suffice. XBRL filing is intricate; it requires meticulous tagging of each element, collation of financial data, accurate conversion, quality checks, and more. So it’s more like you need a team of resources.
- You Also Need a BizFinx Preparation Tool
All the XBRL filings are carried out on ACRA’s BizFinx portal. So, you need BizFinx software to file your financial statements in the XBRL format. The software allows preparing financial statements in the XBRL format without logging into the portal.
The best part? It’s free. However, you need to understand the application and workings of the portal and have experience with XBRL taxonomy before you begin to prepare or upload your financials. Alternatively, you may outsource the preparation and filing to specialized service providers. Just provide your full set of financial statements, and these service providers take care of the rest.
- IRAS Accounting Software
In collaboration with the IRAS (Inland Revenue Authority of Singapore), ACRA has introduced an accounting software that allows SMEs (Small and Medium Enterprises) to automate the preparation of statutory filings with ACRA and IRAS. Ranging from filing tax returns and annual returns to recording operating transactions, this accounting software can be the ideal addition to your XBRL toolkit.
This accounting software is linked to ACRA and IRAS via APIs (Application Programming Interfaces), enabling companies to file financial reports without logging into ACRA and IRAS portals.
Don’t Want to Prepare XBRL Reports Yourself? Outsource.
XBRL preparation and conversion can be pretty taxing, and if you don’t want to go through the hassles of setting up an entire in-house team for it, outsource. Leave your financial reporting routine to DataTracks and take care of your core business functions!
The army of financial experts at DataTracks possess 16+ years of experience in XBRL reporting, so you can rest assured about error-free reports that comply with Singapore’s taxonomy.
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