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Annual Filing Requirement for Singapore Companies
Irrespective of its size or type, each Singaporean company has to fulfil annual legal obligations mandated by ACRA and IRAS. These annual filing requirements are easy to comply with. However, small business owners find it difficult to do it within the due dates and do it accurately. TACRA is the national regulator of all Singaporean businesses. IRAS collects taxes and describes annual filing requirements. Filing of Annual Returns (AR) with ACRA The Annual Return is an electronic document that gives a financial account of the company. The companies must file their annual returns under...
Read MoreThe Revised XBRL Filing Requirements
Singapore companies that are limited or unlimited by shares have to file their financial statements in XBRL format to ACRA. ACRA revises XBRL filing requirements from time to time. That is why many businesses outsource the task to XBRL filing services Singapore. The agency has issued Practice Direction No. 2 (2020) to assist companies in the revised requirements and data elements of XBRL format. Incidentally, XBRL stands for eXtensible Business Reporting Language. ACRA’s aim is to simplify and streamline the filing of financial statements for Singaporean businesses. This revision will...
Read MoreThe Need of XBRL Filing in Singapore
Singapore companies, unlimited and limited by shares, must adopt XBRL format advised by ACRA to file their financial statements. The agency has floated revised XBRL filing requirements to make their task easy. The XBRL filing in revised format is a bit difficult for some small business owners. Many of them have chosen to appoint a reliable provider of XBRL filing services in Singapore to take care of the task. ACRA’s Purpose in Promoting XBRL Filing Format The purpose of filing in XBRL format is to collect financial data in a centralized data repository maintained by the ACRA...
Read MoreXBRL Filing Singapore: Standard of Financial Reporting
Recently, XBRL filing Singapore has been made compulsory for all non-exempt companies by the Accounting and Corporate Regulatory Authority (ACRA). ACRA took the initiative to bring straightforwardness and validity in the monetary-related reviews of the businesses in Singapore. In a perfect world, a budgetary report must be exhibited in a true light with the goal that this magnifying mirrors the current financial status of the firm. This blog content will highlight the benefits of preparing your financial statements in XBRL format. What is XBRL Filing? XBRL is an acronym for...
Read MoreOutsourcing of XBRL Filing Leads to Satisfactory Compliance
Accounting and Corporate Corporate Authority has requested all the companies enlisted in Singapore to adopt XBRL format for presenting their full set of financial documents. It applies to the un-exempted companies that are unlimited or limited by shares. Key Facts about Singapore XBRL Filing The ACRA’s directive became effective on 3 March 2014 and specified that the XBRL documentation must be based on the revised filing requirements. It has been a quite a while since the implementation of the mandate but still the owners of the newly registered Singapore companies need assistance...
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