The Need of XBRL Filing in Singapore

Singapore companies, unlimited and limited by shares, must adopt XBRL format advised by ACRA (Accounting and Corporate Regulatory Authority) to file their financial statements. The agency has floated revised XBRL filing requirements to make the task easy. The XBRL filing in revised format is new to some business owners. They can choose to appoint XBRL filing services in Singapore to take care of the task.

The purpose of XBRL filing in Singapore is to accumulate financial data in a centralized data repository maintained by the ACRA and analyze it to fathom the economic trends in the market. ACRA’s insistence on using XBRL format is to collect the information in a structured manner. It is convenient to transmit and receive structured data using computer systems. Collecting data that is easy to read at the destination computers is beneficial and paves the way for the automation of its analysis.

Full XBRL Filing Requirements

SBS Consulting Pte Ltd extends its expertise to the businesses for their XBRL filing in Singapore. The firm is favored by the SMEs lacking in resources or technical expertise. SBS Consulting is also fully geared to assist big companies in their XBRL filing. The benefit of outsourcing to the XBRL filing services is that it lessens their workload and they could concentrate on achieving their core goals. The XBRL filing requirements are as follows:

  1. The businesses must hire the independent auditors to prepare the Directors’ Report and other financial statements.
  2. The businesses must submit statements depicting their true income, cash flow, and financial position.
  3. The disclosure note needs to show business’ income & expenses, share capital and expenses on employee benefits. The note also needs to reflect on business’ revenue & provisions, government grants, property and equipment, trade & other payable.

Benefits of XBRL Filing in Singapore

The businesses must abide by the XBRL filing requirements in Singapore. It helps in maintaining the transparency of financial data that is sent by the businesses to the authorities during the business reporting. It eases the study of such data by investors, financial analysts, and government regulators.

  1. Sharing of Information: The ultimate aim of the XBRL filing Singapore is to increase the re-usability of the financial data. It can only happen when data shared between businesses, and regulatory authorities are in structured format i.e. XBRL format. The firms like SBS Consulting stands out among XBRL filing services because of their accurate and timely services.
  2. Data Transparency: The reliable financial data about a company’s performance helps investors & stock traders in making investment decisions. The data filed in XBRL format is also useful to the regulators, financial analysts, and institutions.
  3. Trust Building: The data filed in XBRL format comes handy to the companies in filing their taxes and showing info like production output, inventory, etc. It is accessible to everyone which is useful in building trust and raising funds for the business expansion.

The Company Registrar of Singapore, i.e., ACRA conducts seminars to raise the awareness of XBRL filing requirements. Though these programs are useful, it is not possible for all the business owners to attend them. If you are such an individual, outsource XBRL filing to SBS Consulting.