A Glimpse of Changes and Updates to BizFinx Portal

  •   02 Jul, 2020  Posted By Nivetha V
  •  Posted in ACRA, XBRL
  • Tags:

An Introduction to the BizFinx Preparation Tool

BizFinx tool is an online software introduced by ACRA for companies to file XBRL financial statements in accordance with the latest XBRL filing requirements. This tool helps professionals and companies prepare, validate as well as upload their XBRL financial statements as per the revised filing requirements of ACRA. 

As a part of continual efforts to streamline the filing process in XBRL format, ACRA keeps on revising and updating the XBRL filing requirements for companies. This requires a constant update of the BizFinx tool, which is why a new Beta version of the tool has been made available to the preparers in compliance with the latest revisions in the XBRL filing requirements for companies.

The All-new and Updated BizFinx Preparation Tool

All companies eligible to file under the XBRL format are encouraged to upgrade to this updated version of the tool. Although the earlier version 2.7 is also accepted for filing excel/XBRL files, the latest version of the tool allows zero loss of financial data. Let’s see what the new filing requirements with the updated 3.2 version of the BizFinx tool are.

Current Filing Requirements for Version 3.2

There have been some revisions regarding the requirements of the hardware as well as software. Now, to file with the latest version of BizFinx, i.e., 3.2, issuers are required to have:-

● Intel Core i3 processor or above

● Non-intel Processor @ 2.0 GHz or above

● RAM should be 2 GB or more for 32-bit Windows; 4GB or more for 64-bit Windows

● The disc space needs to be at least 1.2GB for installation and normal usage

● Software version requirements are a minimum of Microsoft Windows 8.1

● Microsoft .NET Framework 4.7.2 or later

Current Filing Requirements for Version 2.7

To file with the earlier version of the BizFinx tool, i.e., 2.7, issuers require:-

● A processor of 2.0GHz Core 2 Duo, i3, i5 or i7

● RAM of at least 2GB

● Disk space of at least 200MB

● An operating system can be either Microsoft Vista, Windows 7, 8, or 10

● Microsoft .NET Framework 3.5.1 SP1 or later

To update your current version, you need to connect your computer to the internet, launch the current version of the BizFinx tool, and click on “Application Updates” available on the introduction page. The BizFinx tool has complexities that include taking care of taxonomies and compliance guidelines of ACRA, but with the help of an expert or an outsource service provider, you can produce and convert XBRL financial statements with ease.

Switch to the Latest Version for XBRL Filing

The latest version of the BizFinx tool ensures the filing without the loss of any financial data. But, conversion of XBRL financial statements can be challenging, especially if you are a first time user. Get rid of the hassles and outsource the conversion of financial statements to an experienced service provider like DataTracks. With a commendable track record of over 15 years, DataTracks is a global XBRL service provider that is trusted by over 17,500 corporates all over the world. Keep your XBRL reporting and conversion worries at bay by speaking to an expert at +65-31583654 or write to enquiry@datatracks.com.sg.