Singapore’s Accounting and Corporate Regulatory Authority (ACRA) has revised the effective date for the filing of financial statements in full XBRL (eXtensible Business Reporting Language) format. Instead of coming into effect on 22 October 2013, Singapore incorporated companies are required to file their financial statements in this format on or after 2 December 2013.
The deadline has been postponed to give companies sufficient time to make a transition to the new BizFinx filing. On 28 August 2013, it was announced that the enhanced BizFinx filing system, an online software app provided by ACRA, will be available for companies to prepare financials in accordance with filing requirements. This system will in turn replace the FS Manager with effect from 30 November 2013 at 23:59 hours.
Upgrading to the XBRL filing system will help increase the value of financial data collected to the business community and enhance their decision making capability.
Analysis by Rikvin shows that upgrading the XBRL filing system will help increase the value of financial data collected to the business community and enhance their decision making capability.
According to ACRA, XBRL corporate financial statement filings could be analysed and benchmarked via Singapore Financials Direct. This then promotes trust in Singapore as a marketplace, better transparency and better decision-making by market players.
Related Read: What are the XBRL filing requirements?
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