The Revised XBRL Filing Requirements
Singapore companies that are limited or unlimited by shares have to file their financial statements in XBRL format to ACRA. ACRA revises XBRL filing requirements from time to time. That is why many businesses outsource the task to XBRL filing services Singapore.
The agency has issued Practice Direction No. 2 (2020) to assist companies in the revised requirements and data elements of XBRL format. Incidentally, XBRL stands for eXtensible Business Reporting Language.
ACRA’s aim is to simplify and streamline the filing of financial statements for Singaporean businesses. This revision will reduce the number of data elements the companies will need to file.
Implementation of Revised XBRL Filing Requirements
Due to the COVID-19 situation, ACRA is allowing companies more transition time. The effective dates are:
Companies can voluntarily adopt the revised XBRL filing requirements and data elements from 16 May 2020 to 31 December 2020
Companies that need to file before 1 January 2021 can file the XBRL financial statements based on the existing XBRL norms
However, companies must start applying the revised filing requirements and data elements from 1 January 2021
The latest revision to the filing requirements and data elements has come after consultation with the public. The authorities have taken feedback from November 2018 to January 2019 before effecting changes. They sought suggestions from the focus groups consisting of preparers and organizations
BizFinx Preparation Tool – Version 3.2
The preparers can easily update the Prep Tool to version 3.2. They can do so by launching version 3 of Prep Tool and clicking on the “Application Updates” on the introduction page.
The benefit of using version 3.2 of Prep Tool is that you can use it to edit
the Excel / XBRL.zip files prepared using its beta version (version 3.1) without any loss of data.
Companies can still use the BizFinx preparation tool offline to prepare, validate, and upload their XBRL financial statements.
Companies can still file their XBRL financial statements based on the existing XBRL filing requirements. They need to use version 2.7 of the Prep Tool till 31 December 2020 to prepare, validate, and upload their statements.
You can save a lot of effort and time by outsourcing the task to XBRL filing services Singapore. These firms have experts who track every change in the requirement and use their knowledge to do your XBRL filing accurately.
