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The Guide to Plan Your Post Covid-19 XBRL Filings with ACRA

Singapore continues to be one of the most business-friendly countries in the world. With excellent global connectivity, a robust financial system and well-developed infrastructure, the country is well equipped and offers diverse business opportunities.

However, since the global impact of the Coronavirus, even the most seasoned business owners have been forced to rethink their financial strategies. The pandemic’s impact seems to be interminable, without any signs of elapsing in the near future. Considering this, ACRA has provided support measures and guidance to businesses during Covid-19.

To check out the list of support measures and guidance offered by ACRA, please refer to the below link:-

https://www.acra.gov.sg/announcements/acra’s-support-measures-and-guidance-for-businesses-during-covid-19

Considerations for Your Post Covid-19 Filings to ACRA

  • Assess the Impact of Covid-19

Disclosures to ACRA need to be tailored to include information about the impact of Covid-19 on stakeholders and investors. ACRA encourages companies to provide relevant data in their disclosures, allowing investors and other users of financial information to understand the full extent of the impact of Covid-19.

Here are some details you can include in the disclosures:-

  • How do you expect to overcome the near and long term effects of Covid-19?
  • How has Covid-19 impacted your capital and financial resources?
  • How do you expect Covid-19 to affect your financial statements?
  • How has Covid-19 affected your ability to maintain operations?
  • Regulatory Update from ACRA

Earlier this year, ACRA announced that revised filing requirements for eligible entities to file financial statements in XBRL format will be effective from January 1, 2021. The new regulations have allowed companies to adopt revised requirements voluntarily until December 31, 2020. These revisions were an integral part of ACRA’s continual efforts to streamline the filing process. For instance, the number of data elements in the full XBRL template has been reduced by 50% to about 210 data elements.

For a detailed view of the data elements, refer to the below link:-

ACRA urges all eligible entities to voluntarily adopt these filing requirements as early as possible to benefit from the reduced number of data elements.

  • The Updated BizFile+ Portal Now Available

BizFile+ is ACRA’s online filing system that enables the public to access a suite of over 300 electronic services, including submission of financial statements to the retrieval of information pertaining to business entities registered with ACRA. The updated version of this tool takes into account the revised XBRL filing requirements and is now open for use. All existing data can be edited in the updated version without any loss of data. What’s more is that the BizFile+ is now available on mobile devices. So users can directly log in to the portal from their smartphones.

Stay on Top of ACRA’s Revised Filing Requirements

In view of this challenging economic situation caused due to Covid-19, companies need to adopt the revised filing requirements and data elements. A reliable XBRL partner is what you need to comply with these new requirements. DataTracks, a global leader in XBRL filing and conversion services can support you with XBRL and other compliances. If you are looking for a dependable and efficient solution to streamline the final tranche of your XBRL reporting process, please speak to a DataTracks expert @ +65-315-836-54.

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