XBRL FINANCIAL STATEMENT, CONVERSION AND FILING
Some Singapore incorporated companies are required to file a full set of financial statements in XBRL format to ACRA. Check this Filing Requirements List to find out if you are affected.
Reporting of such reports which was previously submitted through the ACRA’s FS Manager are now done via ACRA’s BizFinx Portal.
Are you experiencing problems trying to file your XBRL financial statements?
Are you aware of ACRA’s latest service from BizFinx in providing FDA reports which provide analysis on four key financial ratios that covers:
- Trend analysis up to 5 years on the performance of your company; and
- Benchmarking your selected company’s performance against industry medians and up to 3 peer companies?
The most common obstacles faced by companies are errors when filing their financial statements at BizFinx Portal. It is essential that the appointed user is familiar and up to date with the system. Incorrect conversion will lead to errors and inability to submit.
With effect from 3 March 2014, companies will file their financial statements in XBRL in accordance with the revised XBRL filing requirements as implemented in the BizFinx filing system.
With the upgraded BizFinx filing system comes a new free offline software application preparation tool.
Disclosure of complete set of financial statements should contain the following:
- Directors’ report
- Statement by directors
- Independent auditors’ report (if audited)
- Statement of financial position
- Statement of profit or loss and other comprehensive income
- Statement of changes in equity
- Statement of cash flows
- Notes, comprising of a summary of accounting policies and other explanatory information
WHAT IS OUR FEE?
- Active Company @ S$500
- Dormant Company @ S$350
WHAT ARE THE SERVICES?
Preparation of full set of financial statements in XBRL format
WHAT SERVICES ARE EXCLUDED?
- Bookkeeping & Accounting
Add On @ S$100 per 25 transactions
- Unaudited Compilation of Financial Statements Report
Add On @ S$500 to $600 per Year
- Audited Accounts Annual Financial Statement Report
Add On – Fee depends on complexity of Audit
DOCUMENTS AND INFORMATION REQUIRED FROM YOU
- Prior year’s audited / unaudited financial statements compilation report
- Current year’s audited / unaudited financial statements compilation report in MS Word Format
WHY APPOINT CORPSEC FOR YOUR XBRL REQUIREMENTS?
CorpSec believes in keeping track of all changes in law, regulations, requirements and even upgrades in services provided by ACRA. Only by doing so, will we be able to provide our clients the support they require.
Most of our clients who turn to us for the preparation of XBRL statements, conversions and filing, face difficulties during submission because they are either out-of-date with the system or lack proper knowledge in the process. Through our experienced staff, we have assisted many such companies with on-time filings and thus, avoid being penalised.