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Effective XBRL Submission for ACRA

The Accounting and Corporate Regulatory Authority (ACRA) of Singapore has recently instituted XBRL filings of Annual report for companies registered with them. These regulations are different for different types of companies. The table below shows which companies need to file what documents in XBRL with ACRA.

Type of Company

XBRL Filing

Type of Filing

Limited Private Company by shares

YES

Full Set

Public Company Limited by shares

YES

Full Set

Unlimited Private Company by shares

YES

Full Set

Unlimited Public Company by shares

YES

Full Set

Solvent exempt private company filing voluntary return

YES

Financial Statement Highlights/Full Set (Option)

Bank, Insurance and Finance company

YES

Financial Statement Highlights

Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS (International Financial Reporting Standards).

YES

Financial Statement Highlights

Company Limited by guarantee

NO

N/A

Limited Exempt Private Company

NO

N/A

Unlimited Exempt Private Company

NO

N/A

Foreign Company Registered in Singapore

NO

N/A

For every regulator that mandates XBRL, there are certain special challenges in the conversion of traditional format documents like Word, Spreadsheet or PDF to XBRL. The taxonomies are often based on individual country GAAPs (ACRA adopts Singapore FRS – SFRS for XBRL filers). Often, extensions are disallowed by the regulators. All of these lead to unique filing situation with every regulator.
So, here are a few things you should remember in order to ensure that you have an effective, low error rate XBRL submission.

Re-order columns in Fixed Assets schedule:
The Fixed Assets Schedule is one of the bigger and tougher schedules to handle. It has a large number of columns representing dimensions such as “Machinery”, “Land”, “Buildings”, etc. As a company, you may have only, say, 3 out of the total 10 classes of assets. Therefore, you need to eliminate the others. This can be done by going to the “Edit Dimensions” button on the top left corner of the workspace and then un-checking the columns that are not required. The columns can also be reordered by drag and drop. This, now, allows you to copy the data from your Excel document and directly paste it on the BizFinx tool. This would not just save you time, it would also ensure accurate data being transported form your source file in to the XBRL tool.

Full list vs Minimum Tagging Requirements:
ACRA has clearly given the option for all companies that are mandated to file their statements in XBRL to do so using the Minimum Tagging Requirements. Therefore, make sure you do not select “Switch to Full list” option in the BizFinx tool.

Read the Instructions in every template:
Although this sounds like an obvious tip, reading the instructions on every template of the BizFinx tool helps avoid mistakes, extra work and rework.

Why you should choose service providers like DataTracks?
Accountants at DataTracks are well-versed with all the requirements from regulators like ACRA in Singapore. You do not have to worry about incorrect XBRL submission since we ensure the quality and accuracy of XBRL tags at our end.

 

About DataTracks:


DataTracks is a global leader in preparation of financial statements in XBRL and iXBRL formats. With over 10 years’ experience, DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, ACRA in Singapore and MCA in India. DataTracks provides world-class services with its team of certified accountants experienced in US GAAP, UK GAAP, India GAAP, SFRS and IFRS.


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