Preparing XBRL file – In house or Outsource
We have talked about the ACRA filing requirements in detail, along with some things that you should keep in mind when creating XBRL documents for the regulator. We have also talked about why XBRL is good for every stakeholder.
It is only natural that we now talk about the options that you have (as an individual company or as a company secretarial firm) for filing XBRL documents with ACRA.
There are mainly two ways to file in XBRL – in-house creation and outsourcing.
In-house Creation of XBRL documents
If you choose to do in-house preparation and filing of XBRL documents, you must ensure that you take into account the time, money and effort that you will need to invest. XBRL has a steep learning curve. It requiresdeep expertise and commitment of resources to the XBRL filing process.The chief benefits of in-house creation are control over your own data and control over your timelines.
Outsourcing is at the other end of the XBRL filing spectrum. It is a much simpler way to get your XBRL done. As opposed to in-house creation, outsourcing allows you to get your XBRL done only with an investment of money (not time and effort). An additional advantage of outsourcing is better quality of output. XBRL vendors have the advantage of XBRL core competency and vast experience. They are up-to-date on best practices and know what works with ACRA.
A third approach is to outsource XBRL preparation for the first few years of filing and move to in-house creation along the road ahead. This is easier than directly jumping into in-house creation because it lets you roll forward a lot of the XBRL tags from the past and only make incremental changes and additions/deletions of tags.
Whatever method you deem fit for your organisation (or for your client organisations),the bottomline is that XBRL expertise is needed. It is the price for a better data environment for the world.
DataTracks is a global leader in preparation of financial statements in XBRL and iXBRL formats. With over 10 years’ experience, DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, ACRA in Singapore and MCA in India. DataTracks provides world-class services with its team of certified accountants experienced in US GAAP, UK GAAP, India GAAP, SFRS and IFRS.
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