XBRL FILINGS

The Accounting & Corporate Regulatory Authority (ACRA) of Singapore implemented a new filing requirement for Singapore incorporated companies to file their financial statements (FS) in XBRL format with effect from 1 November 2007.

Singapore incorporated companies will be required to file their financial statements in XBRL, unless they are excluded by the Accounting & Corporate Regulatory Authority (ACRA).

These companies can choose to file either:

•  the full set of statutory accounts in XBRL (’full XBRL’); or
• Only balance sheet, income statement and some mandatory information in XBRL (“partial XBRL”), and the full set of statutory accounts in PDF format.

Who is responsible for the correct representation and accuracy of information?

Directors of the companies will continue to be responsible for the correctness and accuracy of FS in XBRL format filed with ACRA. They are therefore advised to check the information to be filed before authorising their company or authorised persons to submit the information on behalf of the company to ACRA.

Why Outsource your XBRL Fillings?

XBRL filing can be time-consuming and daunting process for directors.
Outsourcing the filing to a professional accounting services firm will give you the peace of mind in meeting your company’s compliance needs. For a small fee, you will save time which can be devoted to doing more business, rather than going through the hassles of figuring out how to file XBRL, extracting what to disclose, keying in, and ensuring the data accuracy.

If you are interested in finding more information or outsource your XBRL Filings requirements, please call us at 64388887 or email your quires to info@rikvin.com