We need only the scan copy and word copy of the full set financial statements to prepare the XBRL.

Directors of the companies will continue to be responsible for the correctness and accuracy of FS in XBRL format filed with ACRA. They are therefore advised to check the information to be filed before authorizing their company or persons to submit the information on behalf of the company to ACRA.

Most companies currently file their FS in PDF format. 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.

XBRL enables source data to be tagged electronically, making the data machine-readable. Thus, the user’s system can automatically extract the information without the need for copy-pasting or keying-in. XBRL enables tagging of numbers, quantitative data and textual information. The benefits of XBRL go beyond compliance since any data collation process can be streamlined using electronic tags.

All Singapore incorporated companies (unless exempted below) which are either unlimited or limited by shares required to file their financial statements with ACRA will be required to file a full set of financial statements in XBRL format, according to a Minimum Requirement List within the new ACRA Taxonomy 2013 (i.e. Full XBRL). Filing of Option B (Partial XBRL), using FS Manager, will no longer be available.

The revised XBRL filing requirements will be applicable for companies if they are filing financial statements with periods ending on or after 30 April 2007. Companies filing financial statements relating to financial periods ending before 30 April 2007 will continue to file their financial statements in PDF format and their financial highlights in respect of the financial statements in their Annual Return (AR).

Free data analysis will be made available at ACRA’s new one-stop financials filing portal, BizFinx, which will commence operations when the revised filing requirements take effect in October. Company directors and officers can log into BizFinx Portal to generate the free analysis within 30 days after filing their AR form with a full set of financial statements in XBRL format. This analysis is only available once a year upon the filing of the AR by the company and companies can utilize these data to:

• Benchmark themselves against peers

• Compare their performance against competitors

• Gain a competitive edge with improved analytics

• Understand industry trends and make appropriate decisions

• Achieve cost savings within your company with better business insights and quicker and more accurate decision-making

• Compare, share and transmit data with related subsidiaries and different company divisions even if different accounting systems are being used.

Because directors are responsible for the correct representation and accuracy of the information filed, this task is not something that directors or owners of businesses often leave for their subordinates to do. However, the filing process can be time-consuming and daunting for directors.

Outsourcing the filing to a professional accounting services firm will give you the peace of mind in meeting your company’s compliance needs. For a small investment, you are likely to save a lot of time which can be devoted to doing more business, rather than going through the hassles of figuring out how to use the system, extracting what to disclose, keying in, and checking.

We will be pleased to clarify any doubts that you may have on the above. If you need assistance with your accounts to meet the reporting deadlines or for assistance in tax filing, please feel free to contact us at swift@support.com.sg

You can either:

• Do-it-yourself: download the tool at ACRA website, go through all the procedures and prepare the XBRL report yourself, OR

• Free yourself of the hassle by engaging a professional firm like Swift Assurance Pte. Ltd. to assist you in the preparation

• To facilitate DIY XBRL filing, ACRA has provided a free offline tool known as “BizFinx” to enable companies to prepare and manage their FS in XBRL.