Filing of Financial Statements in XBRL Mode

1. Downloaded from: justpaste.it/9pzz1 Filing of Financial Statements in XBRL Mode XBRL filing services Singapore help companies in complying with the ACRA rules. The purpose of filing financial statements in revised XBRL format is to collect data in a consistent form. The data accumulated through XBRL filing is relatively easy to manipulate and mine. It can be processed to reveal market trends. The insights gleaned are helpful. The financial institutes, experts, and government agencies use them to make predictions. In Singapore, XBRL filing is mandatory for private companies limited or unlimited by shares. If you run such a company, you will need to do accurate XBRL filing to comply with ACRA's directives unless exempted. However, the first question that you should ask is, "Do I need to do XBRL filing for my business?" Do I Need to do XBRL Filing for My Business? If your business is classified as a 'SMALL COMPANY', it means that it's: Annual revenue is S$10 Millions or less Total assets are S$10 Millions or less Employees are 50 or less in number For such a company, you do not have to file audited financial statements. If you own a dormant company, you do not have to file financial statements for it. For a business that is not a SMALL COMPANY, you must file its financial statements to ACRA. And while at it, you have to use the revised XBRL format recommended by the agency. You also need to use newly added data elements to the XBRL taxonomies. Do I Need to Hire XBRL Filing Services Singapore?

2. XBRL filing is a time-consuming and complex task. You can tackle it if you have adequate knowledge of Accounting Principles and XBRL tags. Alternatively, you can appoint a provider to XBRL filing for your business. Accountants working at providers offering XBRL filing services in Singapore are well versed with the XBRL conversion. It is a process where they identify your business' expenses and earnings and use appropriate XBRL tags to record them using the latest accounting software. They help you submit a complete set of its Financial Statements (FS) or key financial data in XBRL format. You also need to submit a signed copy of your FS tabled at AGM. Revised XBRL Filing Requirements Like all other companies, you will need to use revised XBRL filing requirements that came into effect on 1 May 2021. Depending on your business activities, your provider will use one of the templates detailed below. Full XBRL Template: You can use the Full XBRL template to capture the company's financial data in primary statements and selected notes to FS. Simplified XBRL Template: You can use the Simplified XBRL template to capture the company's financial info in its carefully prepared statements. This template has replaced the old XBRL FSH (General). XBRL FSH (Banks) Template: You can use as many as 80 data elements in this template for XBRL filing. XBRL FSH (Insurance) Template: You can use as many as 80 data elements revered for this template for your business' XBRL filing. If you are a company director of a Singapore company, then XBRL filing for it is your obligation. And, you have to do it accurately and on time. ACRA may hold you responsible for any glitch in it. It is one of the reasons why companies hire experienced XBRL filing services firms to ensure their compliance.