Workflow for Preparing and Filing XBRL Financial Statements

11 July 2024

Editor: ET

Preparing and filing XBRL financial statements is an essential task for maintaining compliance with ACRA's regulations in Singapore.

Preparing and filing XBRL financial statements (XBRL FS) is a crucial task for companies in Singapore, ensuring compliance with ACRA's reporting requirements.

Further Reading: Top 5 Reasons to Conduct a Financial Review Every Quarter

Here, we outline the workflow for preparing your company’s financial statements in XBRL format using the BizFinx Preparation Tool and the BizFile+ portal. Additionally, we provide insights from Expede.com.sg to assist you in this process.

Two Key Methods to Prepare and File XBRL FS

1. BizFinx Preparation Tool: Prepare XBRL FS using ACRA's BizFinx tool and file the annual return through the BizFile+ portal.

2. Seamless Filing Initiative: Use accounting software that integrates with ACRA’s system for simplified XBRL FS filing.

Engaging Corporate Service Providers

You can also engage the services of a corporate service provider to assist in preparing and filing your XBRL FS, ensuring accuracy and compliance.

Preparing XBRL FS Using BizFinx Preparation Tool

Step 1: Download the BizFinx Preparation Tool

• Download ACRA's free BizFinx Preparation Tool.

Step 2: Retrieve Financial Statements

• Obtain the financial statements tabled at your company’s annual general meeting (AGM FS). This source document can be in Microsoft Word or Excel formats.

Step 3: Map Financial Statements

• Map the line items in your financial statements to the relevant tags within the ACRA Taxonomy using the Preparation Tool. Complete all tabs in the template and leave data fields blank only if the information is not disclosed in the AGM FS.

Step 4: Validate Offline

• Validate your XBRL FS offline using the BizFinx Preparation Tool. Review and correct any highlighted errors.

Step 5: Upload XBRL FS

• Validate and upload your XBRL FS directly from the BizFinx Preparation Tool. Click on the “Acknowledge and Upload” button. A confirmation message will appear upon successful upload.

Note: Uploaded XBRL FS is available on the BizFinx server for up to 14 days. If wrongly uploaded, refer to the guide on how to delete the XBRL FS from the BizFinx server.

Step 6: File the Annual Return

• Log in to BizFile+ and file the annual return with the correctly uploaded XBRL FS. Follow the step-by-step guide for companies with FYE before or on/after 31 August 2018, available in PDF formats from ACRA.

Benefits of Regular Financial Statement Filing

• Compliance: Ensures adherence to ACRA regulations, avoiding penalties.

• Transparency: Enhances the credibility of your company with stakeholders.

• Efficiency: Streamlines financial reporting processes, saving time and resources.

Preparing and filing XBRL financial statements is an essential task for maintaining compliance with ACRA's regulations in Singapore. Following the outlined steps will help ensure your company's financial reporting is accurate, timely, and in accordance with legal requirements.

Regularly filing your financial statements not only helps avoid penalties but also improves transparency and operational efficiency. By staying organized and proactive, companies can manage their financial data effectively, benefiting from streamlined processes and enhanced credibility.

Further Reading: Chartered Secretaries Institute of Singapore (CSIS): Promoting Governance Excellence

How Expede Can Help

At Expede.com.sg, we provide expert services in preparing and filing XBRL financial statements. Our team ensures your financial reports are accurate, compliant, and submitted on time, allowing you to focus on growing your business.