Major changes and updates in BizFinx Latest release v 2.5.0
BizFinx has released new version (v 2.5.0) of Bizfinx preparation tool based on XBRL 2016 taxonomy and SFRS_2016_v4.0. The broad changes in the taxonomy include addition and deletion of elements relating to:
- Auditor report
- Key audit matters (which are required for listed companies periods ending on or after 15 Dec 2016)
With effect from 01st May 2017, it is mandatory to use the latest version to generate XBRL documents.
The new taxonomy version changes in business rules are summarized below:
|Change Category||# of Changes|
Major Additions are listed below:
|S. No||Element id||Rule ID||Validation checks||Available in the source document Yes or no|
|1||Whether there is any other matter reported||Mandatory||The fields should be completed when the financial statements are audited||Yes|
|2||Whether audit is conducted in accordance with Singapore Standards on Auditing||Mandatory||The fields should be completed when the financial statements are audited||Yes|
|3||Whether there is any material uncertainty relating to going concern||Mandatory||The fields should be completed when the financial statements are audited||Yes|
|4||Did the auditor conclude that there is a material misstatement of the “Other Information”||Correlated (Applicable for the financial periods ending after 15 Dec 2016)||Did the auditor conclude that there is a material misstatement of the “Other Information” ‘ should not be providedif Company chooses “Disclaimer of opinion” for “Type of modification to independent auditors’ report”.||Yes|
|5||Whether there is any other matter reported||Mandatory||The fields should be completed when the financial statements are audited||Yes|
|6||Whether there is any material uncertainty relating to going concern||Mandatory||The fields should be completed when the financial statements are audited||Yes|
|7||Number of Key Audit Matters Reported||Mandatory for listed companies and applicable for the financial periods ending after 15 Dec 2016||Number of Key Audit Matters Reported” should be provided if Company satisfies all of the following:’Yes’ is selected for “Whether company is listed as at current period end date”. “Current period end date” is 15th Dec 2016 or later’Yes’ is selected for “Whether audit is conducted in accordance with Singapore Standards on Auditing”
If the type of audit modification is disclaimer of opinion, we can leave this field empty.
|Yes – It should be rare for no key audit matters to be communicated in the auditors’ report.|
|8||Disclosures on Key Audit Matters||‘Number of Key Audit Matters Reported’ should be equal to sum of values reported for individual categories under ‘Disclosures on Key Audit Matters’
Elements of Key Audit Matters reported in  Independent auditors’ report should be be positive integral number or zero
Apart from aforementioned changes, there are few additional changes/features in the new taxonomy release as mentioned below:
- General improvements in the source code to make the tool more secure
- More guidance is provided for preparers like Introduction page with a new section on common errors and guide to filing notice of error
- Detailed guidance given in the expanded auditors’ report template for preparers to better understand the disclosure requirements
- Auto trim the leading and trailing spaces in company name field
- Auto convert the last character of UEN to uppercase
CorpPass implementation for BizFinx portal:
From 25 Mar 2017, BizFinx portal will include the new corporate digital identity known as CorpPass for companies to upload XBRL financial statements to be lodged as part of the Annual Return filing.
Business entities that have yet to apply for a CorpPass account can continue to use SingPass to file transactions with ACRA until 31 Dec 2017. From Jan 2018 onwards, only business entities with a CorpPass account will be able to file transactions with ACRA.
The exception are individuals who are not officers appointed by entities registered with ACRA (e.g. a person looking to register a business or incorporate a company for the first time, first time applicant for registration as registered qualified individual, public accountant or approved liquidator). They can continue to transact with ACRA using SingPass until they have been allocated a UEN whereupon they will then be required to transact via CorpPass henceforth.