7. XBRL- Information You Need to Know
ACRA announced that revised XBRL filing requirements will be implemented from 2 December 2013. A new offline tool – BizFinx – will be used for preparing financial statements and the BizFinx Portal will be used for submitting Annual Returns together with prepared financial statements.
Why the Need for XBRL?
You probably don’t need to know about this. It’s basically so that it’s easier for ACRA to operate and distribute/share financial information.
Who is Affected By The Revised XBRL Filing?
Almost every Singapore incorporated company (unless exempted).
Who is Responsible for the Correct Representation and Accuracy of Information?
As with previous financial statements, company directors are responsible – so it’s worth getting a specialist firm like OS1 Enterprise to compile everything and make certain it’s accurate.
What are the Advantages of Preparing the XBRL Voluntarily?
If you operate in a particularly competitive business environment and have need of a range of comparative reference material, XBRL filing gives access – via the BizFinx portal once a year – to comprehensive data analysis.
The information will allow you to:
- Benchmark your business against that of your peers
- Compare your performance against your competitors
- Potentially gain a competitive edge by using the improved analytics
- Understand and monitor industry trends
- Help achieve cost savings and make accurate decisions
The advantages of outsourcing XBRL filing to OS1 Enterprise
In theory, filing financial statements by XBRL is not a difficult process to undertake. However, it is vital that the information submitted is wholly accurate, and the director is ultimately legally responsible for this accuracy. XBRL filing can be complex and time consuming, especially as it only has be compiled and submitted infrequently.
OS1 Enterprise will give you peace of mind knowing that your company’s XBRL filing is accurate and compliant.
Charges for our XBRL services start from S$500, depending in the complexity of compilation, and we are generally able to complete the job within one business day. For us to compile your XBRL lodgement we require your financial statements in either Word or PDF format – we do all the rest.