FILING OF FINANCIAL STATEMENTS WITH ACRA IN XBRL
ACRA implemented the filing of financial statements in XBRL in November 2007 as part of the move towards enhancing business reporting and information flow. Today, close to 60,000 corporate financial statements are filed in XBRL format annually. The financial information that is filed in XBRL with ACRA is also an important source of information from which companies can utilise to make informed decisions. The proposed revisions are therefore part of ACRA’s continual efforts to promote an environment of high quality financial reporting and thus further strengthen Singapore’s position as a vibrant and trusted business hub.
What is XBRL?
XBRL stands for eXtensible Business Reporting Language, and it is a language for the electronic communication of business and financial data worldwide. As one of the family of “XML” languages, it is becoming a standard means of communicating information between businesses and on the internet around world. The major benefits of XBRL is in the preparation, analysis and communication of business information and also in greater efficiency, and improved accuracy and reliability to all those involved in supplying or using financial data.
How XBRL impact Companies in Singapore?
All the companies in Singapore are required to file their financial statements in XBRL format, which replaces hardcopy submission to ACRA. At initial stage, ACRA allows partial financial statements to be submitted via XBRL. However, a full XBRL report is mandate once it is more acceptable in Singapore. In view of additional time spent on converting the words/excel documents into XBRL, the company may like to engage a professional firm like us to save time.
For more information on XBRL filing, please contact us at 65-62278233.