XBRL Filing Services in Singapore

Translation of Financial Statements to XBRL format (Full Set)
Translation of Financial Statements to XBRL format (Financial Highlight)

What is XBRL Filing?

extensible Business Reporting, or XBRL for short, is a computer language used to present financial statements. These statements can only be retrieved from online records and then transferred directly to users. These users could be auditors, regulators and even financial analysts, and can be transferred for various purposes.

ACRA adopted this reporting language for the financial statement reporting done by companies. This reporting is done by companies who are required to lodge their accounts with ACRA, and the types of companies involved include:

  • Public companies
  • Private companies (limited/unlimited by shares)
  • Solvent exempt private companies (EPCs)
  • Insolvent EPCs

XBRL is used by ACRA because they believe that this format will achieve the objective of facilitating the conduct of business in Singapore. XBRL will be able to provide more value-added financial information and further enhance the regulatory environment through improved transparency and the timely dissemination of relevant financial information.

When You Need To File XBRL?

Your company would be required to file its financial statements in XBRL format during the filing of annual return, if your company is:

  • Insolvent (total assets less than total liabilities) (Financial Highlight)
  • Has a corporate shareholder for the financial period (Full Set)

What Types of Documents Do I Need for XBRL Filing?

A full set of XBRL financial statements would require companies to make a full presentation of the company’s account in XBRL format. The financial statements involved would involve the presentation of key accounts positions instead of reporting every single account line item.

It is the responsibility of the company directors to ensure the accuracy of the information provided, and to ensure that the correct format has been filed with ACRA. If you are the director of the company, it is advisable to always check the information before submission.

XBRL Filing Services in Singapore

How Do I Prepare My XBRL Financial Statements?

Companies would first need to prepare a copy of the company’s financial statements, which is usually completed by an appointed accountant. XBRL format requires that the translation process be done through a preparatory tool to convert data into XBRL formats.

The current XBRL system which is used for translation purposes is called BizFinx, which is an ACRA initiative that helps to equip the preparers with the necessary preparatory tools for the purpose of translation.

Once you have prepared the necessary financial statements for filing, you have 2 ways to proceed with the XBRL filing:

  • Submit it on your own through the BizFile website and prepare the XBRL report on your own.
  • Engage a professional corporate service provider to handle the preparation process for you.

Chai Chung Hoong, Account Manager of AI Accountant will assist you in XBRL Filing Services in Singapore.

Why You Need AI Accountant

The filing of financial statements can be a very challenging and time-consuming process. For first time business owners, it can be a daunting task to take on for the very first time, and you may run the risk of encountering a lot of road blocks and errors along the way.

This time-consuming process will end up taking up more of your valuable time than you may initially realize, time which you could spend focusing on your business instead. Which is exactly why you need AI Accountant.

AI Accountant is the one stop accounting solution for all your business needs. Being the leading digital accounting community in Singapore, we are revolutionizing the accounting scene and automating everything through artificial intelligence, striving to bring you the best service every day by applying the latest technology to improve financial activities.

Eliminate the hassle of handling your XBRL filings on your own and let AI Accountant handle it for you. Contact us today to find out more.

AI Accountant - Chai Chung Hoong
Chai Chung Hoong, Account Manager

Chai Chung Hoong will assist you in all accounting related services, and help your company in digital transformation.

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