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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.

BizFinx Latest release v 2.5.0

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 in Bizfinx are summarized below:

Change Category# of Changes
Additions36
Modifications2
Deletions1

Major Additions are listed below:

S. NoElement idRule IDValidation checksAvailable in the source document Yes or no
1Whether there is any other matter reportedMandatoryThe fields should be completed when the financial statements are auditedYes
2Whether audit is conducted in accordance with Singapore Standards on AuditingMandatoryThe fields should be completed when the financial statements are auditedYes
3Whether there is any material uncertainty relating to going concernMandatoryThe fields should be completed when the financial statements are auditedYes
4Did 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
5Whether there is any other matter reportedMandatoryThe fields should be completed when the financial statements are auditedYes
6Whether there is any material uncertainty relating to going concernMandatoryThe fields should be completed when the financial statements are auditedYes
7Number of Key Audit Matters ReportedMandatory for listed companies and applicable for the financial periods ending after 15 Dec 2016Number 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.
8Disclosures 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 [14000000] Independent auditors’ report should be be positive integral number or zero

Apart from the aforementioned changes, there are a 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 an Introduction page with a new section on common errors and guide to filing notice of error
  • Detailed guidance is given in the expanded auditors’ report template for preparers to understand the disclosure requirements better
  • Auto-trim the leading and trailing spaces in the 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 can file transactions with ACRA.

The exception is 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 a 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 be required to transact via CorpPass.

To find out more about DataTracks, visit www.datatracks.com/sg/ or send an email to enquiry@datatracks.com.sg

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