If you want to file your financial returns using FS Manager or in full PDF format, you better do it soon. According to the Accounting and Corporate Regulatory Authority (ACRA) of Singapore, you will have until 28 February 2014 at 23:59 hours to do so. Afterwhich, these options will be phased out.
In its place, the enhanced BizFinx filing system will be introduced. This system has been designed to help companies prepare financial statements in accordance with the revised XBRL (eXtensible Business Reporting Language) filing requirements. It is set to go live on 3 March 2014.
The launch BizFinx filing system has been postponed from 22 October 2013 to 2 December 2013 to give companies sufficient time to make a transition to filing in full XBRL format. However, due to technical issues, the system could not be launched on the stipulated date.
In the interim, ACRA has been providing half-day XBRL/BizFinx filing training seminars for all companies that are interested in learning more about the new XBRL filing requirements as well as how to prepare XBRL financial statements with the BizFinx system. These seminars, which run until February 2015, are free-of-charge.
WHY XBRL FINANCIAL REPORTING IS REQUIRED
According to ACRA, approximately 60,000 companies currently file in XBRL. The language works like a barcode, providing an identifying tag for every piece of financial information. This then allows information to be extracted and analyzed easily. Regulators worldwide and stock exchanges value this language for allowing them to harness greater value from the financial data collected.
XBRL financial reporting is gaining traction worldwide and has been implemented in many countries that Singapore has economic ties with. These include the US, Japan, China, India and France.
For more information on XBRL or the BizFinx filing system, please visit ACRA’s XBRL page.