With effect from 3 March 2014, all Singapore companies must file their financial statements with the Accounting and Corporate Regulatory Authority (ACRA) in XBRL format, in accordance with the revised XBRL filing requirements, using ACRA’s BizFinx filing system.
While exempt private limited companies are only required to file partial XBRL financial statements, non-exempt companies must file a full set of XBRL financial statements. This is not only a time consuming exercise (as all the figures and notes to accounts must be manually entered into the BizFinx filing system), it also commands absolute accuracy and a sound understanding of accounting (to find and match information in the financial statements with taxonomy concepts).
Therefore, it is a wise move to appoint a professional firm like Aspri Associates with a team of ACRA-trained and registered XBRL preparers and reviewers to file your XBRL financial statements – rather than to try to do it yourself. Particularly so, because the cost and lengthy process involved in fixing any error/rescinding filed XBRL financial statements are significant.
As the conversion of audit reports/financial statements into XBRL is a very tedious task, many large audit firms charge a princely sum for this service. Thus, there is a real need for affordable, yet accurate XBRL filing services. This is something Aspri Associates can offer you.