As per the mandate made by ACRA, the companies in Singapore must file their financial statements in the format of XBRL. This law applies to limited and unlimited companies that are needed to correspond their statements with the Accounting and Corporate Regulatory Authority.
The function of XBRL filing services in Singapore is to transfer the company’s data to XBRL format. You must utilize the tag libraries, which have been prescribed by the ACRA. It needs knowledge of the tags of XBRL and assistance that when and where to use them.
What is XBRL Format?
The term XBRL is a short form of extensible Business Reporting Language. This is an XML-based language and is wielded to standardize the format of filing financial statements.
XBRL is a type of reporting language adopted by ACRA. The companies that are needed to lodge their accounts with ACRA must use XBRL formatting for reporting their financial statements.
Types of XBRL formatting-
Preparing the data for XBRL filing is a tedious and time-consuming task. Perhaps this is the only reason that most Singaporean companies outsource this service for their company. There are two kinds of XBRL services-
- Full XBRL, is a full set of XBRL financial statements. Whenever you need to file a full presentation of the accounts of your company to XBRL, then you use this kind of XBRL filing.
- FSH, are the financial statements highlighted in the XBRL formats. They are brought into use when you have to illustrate main accounts positions in XBRL configurations.
Benefits of filling in XBRL format-
If XBRL filing is being used then you will not have to worry about the paperwork load, all it can be converted into bits and bytes. It recoups the human resources of ACRA. The way the computer prepares the financial statements is standardized by this format. It simplifies the storage of data and recovery of monetary data on the recipient’s computer.
The sole purpose of ACRA behind the use of XBRL is to form a reliable database consisting of all the financial information related to the marketplace of Singapore. The financial experts retrieve and analyze the data to observe the directions in the market.
XBRL filing services Singapore-
According to the ACRA, the responsibilities for the statutory filings within due dates are the duty of the company’s directors. They are the ones, also made responsible for the accuracy and accurate representation of the information. Hence, appointing an authentic XBRL service like Timcole is the best solution for them.
Timcole’s XBRL filing service is a full range of services that provides conversion of the financial statements of your company into the XBRL formats. Once you choose us, you will get an all-inclusive service where you will not have to buy software or hire and train new staff. So, convert your all financial statements into word, PDF, or excel to XBRL easily online. We help till the successful filing with ACRA.
Why choose Timcole?
- Experienced team’s
- Quick turnaround times
- Consistency between files
- Quality control and validation
Moreover, if you are planning to put down your roots in Singapore and want to become a Singapore permanent resident then you should know that it is also possible with us.