12 July 2024
Editor: ET
In Singapore, companies required to file financial statements with the Accounting and Corporate Regulatory Authority (ACRA) must do so in XBRL format. This article provides a comprehensive guide on preparing your financial statements in XBRL format, detailing the mapping of financial statement line items to relevant concepts within the ACRA Taxonomy, and validating your XBRL financial statements.
Further Reading: How to Build an Emergency Fund for Your Business
Understanding this workflow is crucial for compliance and ensuring the accuracy of your financial data.
Why XBRL?
XBRL (eXtensible Business Reporting Language) facilitates the standardization of financial statements, enhancing the comparability and transparency of business information. It allows for more efficient processing of financial data by regulatory authorities, investors, and other stakeholders.
Workflow for Preparing XBRL Financial Statements
1. Download the BizFinx Preparation Tool
Begin by downloading ACRA's free BizFinx Preparation Tool. This tool is designed to help you prepare your financial statements in XBRL format.
2. Retrieve Your Financial Statements
Gather the financial statements that were tabled at your company’s annual general meeting (AGM FS). These documents, which can be in Microsoft Word or Excel format, will serve as the source document for the preparation tool.
3. Map Financial Statement Items to ACRA Taxonomy
Mapping is a critical step where you align the items in your financial statements with the relevant concepts in the ACRA Taxonomy. This taxonomy is a structured dictionary that defines how financial data should be reported. Here are the types of mappings you might encounter:
One-to-One Mapping: A single item in your financial statements directly maps to a single concept in the taxonomy (e.g., “turnover” to “revenue”).
Many-to-One Mapping: Multiple line items aggregate into a single taxonomy concept (e.g., “stocks” and “work in progress” to “inventories”).
One-to-Many Mapping: A single line item breaks down into multiple taxonomy concepts (e.g., “intangibles” into “intangible assets” and “goodwill”).
Mapping to "Others": Unique items with no direct taxonomy match go into the "others" category, requiring a footnote for explanation.
4. Validate the XBRL Financial Statements
Once the mapping is complete, validate your XBRL FS using the BizFinx Preparation Tool. This step checks for errors and ensures all necessary information is correctly formatted.
5. Upload and Submit
After validation, upload your XBRL FS directly from the BizFinx Preparation Tool. Once uploaded, log into the BizFile+ portal to file your Annual Return with the correct XBRL FS attached.
Sections in XBRL FS
The following table summarizes the required data in XBRL format under different filing requirements:
Section | Full XBRL (Pre-1 May 2021) | Full XBRL (Post-1 May 2021) | Simplified XBRL (Post-1 May 2021) |
Text block for full financial statements | √ | √ | - |
Filing information | √ | √ | √ |
Selected data in directors’ statement | √ | √ | √ |
Selected data in auditors’ report | √ | √ | √ |
Income statement | √ (entire) | √ (entire) | √ (entire) |
Statement of financial position | √ (entire) | √ (entire) | √ (entire) |
Note - revenue | √ | √ | √ |
Note - trade and other receivables | √ | √ | √ |
Note - trade and other payables | √ | √ | √ |
Statement of cash flows | √ (selected) | √ (selected) | - |
Note - selected income (expense) | √ | √ | - |
Note - property, plant and equipment | √ | √ | - |
Note - intangible assets | - | √ | - |
Note - right of use asset | - | √ | - |
Note - loans and borrowings | - | √ | - |
Note - related parties | - | √ | - |
Note - employee benefits | √ | - | - |
Note - segment info | √ | - | - |
Note - government grants | √ | - | - |
Note - provisions | √ | - | - |
Note - share capital | √ | - | - |
Further Reading: Introduction to ACRA Taxonomy
Preparing and filing financial statements in XBRL format is a crucial requirement for companies in Singapore. By following the steps outlined in this guide, you can ensure compliance with ACRA’s regulations, enhance the accuracy of your financial data, and improve the transparency of your business reporting.
Regularly updating yourself with the latest ACRA Taxonomy versions and using the BizFinx Preparation Tool effectively will streamline your filing process.
How Expede Can Help
At Expede.com.sg, we offer expert assistance in preparing and filing your XBRL financial statements. Our team of professionals can guide you through the entire process, ensuring your financial data is accurately mapped and validated. Let us help you stay compliant and efficient in your financial reporting.
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