Unlocking the Power of XBRL: Elevating Investor Relations in Singapore
XBRL was implemented by the Accounting and Regulatory Authority (ACRA) in 2007 in Singapore to streamline corporate financial reporting. XBRL offers many advantages to business organisations, not just in terms of clarity but also in attracting investors to Singapore and enhancing business relationships.
The XBRL filing has allowed business organisations to build trust, improve decision-making, and share accurate data and information. This precision has proved beneficial for the system within the organisation and in enhancing investor relationships in Singapore.
The Role of XBRL in Improving Investor Relations in Singapore
Any company that invests in a financial organisation looks for transparency, accuracy and reliability. XBRL offers all of this and more. Some ways through which XBRL can leverage the confidence and trust of investors in Singapore are:
- Transparency: XBRL demands transparent and accurate reporting. This ensures that all the parties involved in the organisation, be it the founders or the investors, are on the same page. This improved level of transparency and clarity leaves no room for fraud and errors.
- Easy to Understand Reports: Understanding and analysing considerable amounts of data can be tedious and time-consuming for investors. However, with XBRL, they can easily explore timely business reporting.
- Improved Decision Making: Timely access to accurate information allows investors to make quick and right decisions. XBRL provides data consistency control, keeping them in sync with all business activities.
- Quick Data Analysis: Many XBRL data can be quickly transformed into other formats. These include SQL, Excel, etc. Investors can raise their queries and extract all the essential data based on this transformed information.
- Speed and Reliability: XBRL reporting is a standardised and automated system. This significantly saves time, energy and money invested in manual efforts. It is also comparatively fast when it comes to generating accurate reports.
Learn how to prepare your XBRL financial statements for ACRA filing
Why Choose DataTracks for XBRL Reporting?
At, DataTracks, we firmly believe that XBRL is one of the most efficient ways to enable real-time updates and maintain data transparency and accuracy within an organisation. Any business that uses XBRL promotes streamlined working, which can be highly attractive and beneficial for investors.
We comprise a team of experts who understand the many intricacies of XBRL and ensure the delivery of timely and accurate reports. These user-friendly reports make it easy for the parties involved, including the investors, to obtain a clear picture and make decisions accordingly.
Our proficient team has been the force behind the successful delivery of financial reports in more than 18 countries. With a massive clientele of 23,400 + clients and 348,000 reports, we at DataTracks are a one-stop destination for all your filing needs and requirements in compliance with the country’s regulations.
To discover how we can streamline your filing process, contact us at +65-31582850 or enquiry@datatracks.com.sg.