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Filing Your Annual Financial Statements in the XBRL Format
  •   02 Apr, 2019  Posted By Thenvi Subin   Posted in XBRL
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Filing your company’s annual financial statements in Singapore’s? Don’t let the term XBRL overwhelm you. We will make you acquainted with the filing process of annual financial statements the XBRL way in Singapore. XBRL, an acronym for eXtensible Business Reporting … Continue reading

XBRL for Digital Business Reporting
  •   02 Apr, 2019  Posted By Thenvi Subin   Posted in XBRL
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Increasing advances in technology have revolutionised the financial markets world in many ways. The old paper-based business reports have been shown the door and digital reports have replaced them. Over the years many digital formats have popped up, but XBRL … Continue reading

Deep analysis on genuine errors Or Possible errors during ACRA submission
  •   28 Feb, 2019  Posted By Thenvi Subin   Posted in XBRL
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While filing your financial reports in XBRL (eXtensible Business Reporting Language) to The Accounting and Corporate Regulatory Authority (ACRA), you should be certain about the veracity and accuracy of all the information that you furnish. This consideration is key here, … Continue reading

XBRL – The Audit Consequences of XML in Financial Reporting
  •   30 Jan, 2019  Posted By Thenvi Subin   Posted in XBRL
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XBRL (Extensible Business Reporting Language) is an open standard which is used for exchanging business details between systems.  The conversion of financial statement data into interactive fields enables quicker data analysis. What are the risks associated with XML Audit? Irrespective … Continue reading

Vital Changes Which You Need To Know About 2019 IFRS Update
  •   25 Jan, 2019  Posted By Thenvi Subin   Posted in XBRL
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Her Majesty’s Revenue and Customs (HMRC) With the start of the new year, a number of changes and amendments of IFRS has been made. In this article, we cover all major changes and amendments which have been made in 2019- … Continue reading

When Do they Accept Late Submission without Penalty for ACRA?
  •   25 Jan, 2019  Posted By Thenvi Subin   Posted in ACRA, XBRL
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All private limited companies which are based in Singapore need to be compliant with Accounting and Corporate Regulatory Authority (ACRA). Annual filings are essential for active as well as dormant Singapore companies. If you fail to meet ongoing compliance requirements … Continue reading

The Significance of Malaysian Business Reporting System
  •   20 Dec, 2018  Posted By Thenvi Subin   Posted in XBRL
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In Malaysia, all firms (public as well as private) have to register themselves with Suruhanjaya Syarikat Malaysia (SSM), the Malaysian regulator. Its responsibility is to improve and promote the supply of business details and create a facility in which the … Continue reading

What is XBRL Filing? Do I Need It?
  •   20 Dec, 2018  Posted By Thenvi Subin   Posted in XBRL
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XBRL is an abbreviation of Extensible Business Reporting Language. It is widely used for presenting data which ensures hassle-free analysis, thereby bringing down costs, time and effort of businesses. It ensures paperless reporting and is therefore gaining widespread acceptance across … Continue reading

Introduction to Structured Data Standard: XBRL
  •   20 Nov, 2018  Posted By Thenvi Subin   Posted in XBRL
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XBRL(eXtensible Business Reporting Language) has gained popularity as one of the most popular mediums for sharing financial data among financial publishing houses, stock broking firms, security regulators, accounting organizations etc. What makes XBRL user-friendly is the fact that each information … Continue reading

Malaysian Business Reporting System (MBRS) – What you need to know
  •   05 Nov, 2018  Posted By Thenvi Subin   Posted in XBRL
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In Malaysia, all companies (both public and private) need to register themselves with the Malaysian Regulator, Suruhanjaya Syarikat Malaysia (SSM), and these companies have to submit their financial information to SSM once every year. The regulator’s role is to enhance … Continue reading

ACRA simplifies AGM and Annual Returns filing deadlines
  •   31 Aug, 2018  Posted By Thenvi Subin   Posted in ACRA, XBRL
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The Singapore government is taking several efforts to ensure that doing business in Singapore is competitive, easy and friendly. One of these recent efforts is a legislative change to the Companies Act that modifies the timelines for conducting Annual General … Continue reading

The growing importance of data analytics for the SEC

On 25 June 2018, the U.S. Securities and Exchange Commission (SEC) published its draft strategic plan for fiscal years 2018 – 2022. Although comments for the draft closed on 25 July 2018, the draft provides ample insight into the SEC’s … Continue reading

XBRL around the world
  •   31 Jul, 2018  Posted By Thenvi Subin   Posted in XBRL
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While there has been increased focus on XBRL within the United States over recent months, in part due to the SEC’s recent announcement that iXBRL will be used by operating companies and mutual funds going forward, it’s also worth taking … Continue reading

Handling CbCR, and the penalties and impact of non-compliance

Thе BEPS Action 13 report (Trаnѕfеr Pricing Dосumеntаtіоn аnd Country-by-Country Reporting) provides tеmрlаtеs for multіnаtіоnаl enterprises (MNEѕ) to compile rероrts yearly аnd for еасh tаx jurіѕdісtіоn in whісh thеу dо business. Such a report іѕ саllеd the Cоuntrу-bу-Cоuntrу (CbC) Rероrt. … Continue reading

Exemption rules for filing full XBRL documents with ACRA
  •   30 May, 2018  Posted By Thenvi Subin   Posted in ACRA, XBRL
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All private limited companies in Singapore are required to comply with the regulations set forth by the Accounting and Corporate Regulatory Authority (ACRA). Annual filings are reports that are given particular importance by ACRA for both active and dormant Singapore … Continue reading

CbCR Hurdles Faced By Tax Departments

In thе раѕt years, the glоbаl rеgulаtоrу environment has bесоmе increasingly demanding fоr multіnаtіоnаl еntеrрrіѕеѕ (MNEѕ). In an attempt tо сrеаtе grеаtеr trаnѕраrеnсу, mаnу tаx аuthоrіtіеѕ nоw require MNEѕ tо rероrt more dеtаіlеd іnfоrmаtіоn wіth rеѕресt tо іnсоmе tаxеѕ раіd. … Continue reading

Impact of IFRS convergence in 2018 on Singapore Companies

Many listed companies in Singapore are not prepared for the approaching International Financial Reporting Standards (IFRS) convergence which is to be initiated in 2018. According to a recent poll by the Institute of Singapore Chartered Accountants (ISCA), only 9% had … Continue reading

ACRA enhances corporate transparency; companies must ensure XBRL information is accurate and complete

ACRA is enhancing corporate transparency by making the business and financial information filed, publicly accessible. Since the company’s filing information will henceforth be a public record, it is essential for companies to ensure that they provide correct and accurate data. … Continue reading

Major changes and updates in BizFinx Latest release v 2.5.0

BizFinx has released new version (v 2.5.0) of Bizfinx preparation tool based on XBRL 2016 taxonomy and SFRS_2016_v4.0. The broad changes in the taxonomy include addition and deletion of elements relating to: Auditor report Key audit matters (which are required … Continue reading

New board members appointed by ACRA – effective April 1, 2017
  •   04 Apr, 2017  Posted By Thenvi Subin   Posted in ACRA, XBRL
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Three new members are appointed to the Accounting and Corporate Regulatory Authority (ACRA) board by Minister of Finance, Mr Heng Swee Keat Mr Lee Wai Fai, United Overseas Bank’s group CFO; Ms Ameera Ashraf, Wong Partnership’s head of competition and … Continue reading