Everything You Need to Know about XBRL Filing

Category: Business

Who Are Required to Do the XBRL filing? Singapore companies use XBRL filing for business reporting and communicate their financial and business data electronically to ACRA. Accountants and XBRL filing services Singapore assist them in the task. Who Benefits from XBRL Filing • Singaporean Companies • Government Agencies • Regulators like ACRA • Investors • Accountants • Financial Analysts • Financial Institutes • Data Providers What are the Benefits of XBRL Filing? The data submitted to ACRA is structured and is in a uniform format. It is easy to mine and analyse the repeating patterns and to find the latest trends using computer software tools. What is XBRL? XBRL or eXtensible Business Reporting Language is a variant of XML language. The American Institute of Public Accountants created XBRL in 1998. Singapore first implemented XBRL filing requirements in 2007 for corporate financial reporting. You, as a new Singaporean business owner, need to get familiar with terms like XBRL filing, taxonomy, and data elements. It will enable you to use XBRL to increase the accuracy and reliability of your submitted financial data. Who Must to Submit in XBRL Format? As per ACRA, every Singaporean company limited or unlimited by shares must file its Financial Statements (FS) in an XBRL format. Even dormant Singaporean companies need to follow this rule. XBRL filing services Singapore can convert their FS data into XBRL format and prepare an XBRL report. In 2020, ACRA updated XBRL reporting requirements. It revised and reduced the number of data elements to streamline the XBRL filing. The change became effective on 1 May 2021.