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What And Why The Need For Xbrl Filing?
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.
A new filing requirement in financial statemnet (FS) has been implemented by the Accounting & Corporate Regulatory Authority (ACRA) on Nov 1, 2007, the format has been changed to XBRL.
Reason for using the XBRL format? Why the need for XBRL?
In the current set up, all companies are using the PDF format with their files. ACRA believes that the use of XBRL will achieve the objectives of facilitating the conduct of business in Singapore, providing more value-added financial information and enhancing the regulatory environment with improved transparency and timely dissemination of relevant financial information.
Who is accountable for the right representation and accuracy of information?
FS in XBRL format filed with ACRA will be corrected and always checked for accuracy by the directors of the company. So they are then suggested to check the whole files before submitting it to ACRA.
What are businesses not involved XBRL filing
The new filing requirement will not apply to: The current filing requirement is not applicable to:
businesses that are permitted by law to procure 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 that are registered abroad and as well as 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),fitch store, companies that are exempted should still file their FS by attaching a PDF copy of the FS.
Solvent exempt private companies ("EPCs") will proceed from being exempted in 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.
FS of the company that ends on or April 30, 2007
the company is filing its Annual Returns on or after 1 November 2007
How can I file?
You can either:
Visit the bizfile website which gives ideas on how to prepare XBRL and go through the essential steps by yourself.
be relaxed and have the help from a professional service firm
To facilitate DIY XBRL filing, ACRA has provided a free online tool known as "FS Manager" to enable companies to prepare and manage their FS in XBRL, via the websitehttp: //www. bizfile. gov. sg.
Listed 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 is available from 1 November 2007 to 31 October 2008. The continuation of option B after October 2008 will only be declared by ACRA.
A company that chooses Option B will be required to file a PDF copy of its FS in addition to the balance sheet and income statement in XBRL format.
What are the advantages of outsourcing if 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 filling process would take a long period of time and will make the directors very much busy.
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.