Xbrl Filing Explained
XBRL stands for eXtensible Business Reporting Language
, a language used in computers to present financial statements such that they can be retrieved from online records and transferred directly to users such as auditors, regulators, financial analysts for various purposes.
On November 1, 2007, there has been a different filing requirement for Singapore incorporated companies in filing their financial statements (FS) which is in XBRL format, it was implemented by the Accounting & Corporate Regulatory Authority (ACRA).
Why the need for XBRL?
Presently, all companies are filing their FS in PDF format. There are numerous benefits of using XBRL according to ACRA, foremost it helps with the facilitation of business operations in Singapore, additionally, it also helps you facilitate the operation of business in Singapore by giving more valuable financial information and improving the regulatory environment with enhanced transparency and prompt dissemination of pertinent information on financial aspect.
Who is accountable for the right representation and accuracy of information?
Directors of the companies will continue to be responsible for the correctness and accuracy of FS in XBRL format filed with ACRA.So they are then suggested to check the whole files before submitting it to ACRA.
Who are not obliged in filing XBRL?
The new filing requirement will not apply to:The current filing requirement is not applicable to:
companies that are allowed by law to prepare accounts in accordance with accounting standards other than the Singapore Financial Reporting Standards or the International Financial Reporting Standards;
companies limited by guarantee; and
Companies overseas and their local branches
banks, insurance companies and finance companies whose activities are regulated by the Monetary Authority of Singapore;
Because of Annual General Meeting (AGM), companies that are exempted should still file their FS by attaching a PDF copy of the FS.
Solvent exempt private companies ("EPCs") will continue to be exempted from filing their FS with ACRA. Insolvent EPCs and EPCs that are compelled by law in filing their FS with ACRA will do so in XBRL format.
What are the basis in determining whether my company need to file in XBRL?
Given below are the two main criteria to be followed in filing FS in XBRL format.
the company's FS ends on or after 30 April 2007;
the company is filing its Annual Returns on or after 1 November 2007
What are the steps in filing?
You can either:
Do it all by yourself with the help of Bizfile website and going to the step by step procedure in preparing XBRL report.
Be relaxed and have the help from a professional service firm
A certain webiste of ACRA known to be www.bizfile.gov.sg with the tool "FS Manager" will give companies the chance to file and manage their FS in XBRL.
Given below are the two filling options
Option A - Full XBRL (filing its full set of FS in XBRL format);
Option B - Partial XBRL (filing only its balance sheet, income statement and mandatory information in XBRL format and PDF copy of FS presented at company's AGM).
Option B will be valid from November 1, 2001 to October 31, 2008.The continuation of option B after October 2008 will only be declared by ACRA.
If the company decided to choose option B they are now liable to submit and file a PDF of its FS to be added to the balance sheet and income statement in XBRL format.
What are the good things about Outsourcing when I can do it myself?
Since directors are accountable for the accurate representation and information filed, many times, it is not something that directors or owners of businesses leave to the juniors to do.The whole process of filling won't be easy for the directors because it will take a long period of time.
Outsourcing the filing to a professional accounting services firm will give you the peace of mind in meeting your company's compliance needs.When it comes to small businesses, hiring a professional service firm would make a big difference since they will be then be responsible on doing certain things which will give you the chance to work on the other part of the business.
by: Diane Enriquez
How To Use Copper Planters - A Sweet Little Landscaping Secret On Your Backyard PSP PlayStation Portable Go Never Fading Western Cowboy Décor Gain Valuable Overseas Experience with the Youth Mobility Visa Get Away From It All with the Youth Mobility Visa The Fastest Way to Get Rid of Cold Sore Permanently Improve your skills at ESL Los Angeles Testosteron, A God Given Gift! Activation of the battery processing method Take Time Filling Out Your Youth Mobility Visa Take Great Care When Applying for the Youth Mobility Visa How Skin Can Look Naturally Younger With Age Intervention Oprah Gives Away a Few of Her Favorite Things