#xbrlreporting

XBRL filing is mandatory for Singapore companies, and you need to, first, translate your data in business' financial statements using XBRL tags. It takes time and effort. You also need knowledge of accounting.

Appointing a reliable provider of XBRL filing services Singapore could prove to be a neat solution for your small business. For a reasonable fee, their accountants can do the XBRL conversion for you.

You can use the saved time and resources to take care of your business goals.

Small companies in Singapore should outsource their XBRL filing to a reliable firm unless they know how to do it in-house. And to do it accurately you need knowledge of accounting concepts and principles and how to use XBRL tags appropriately.

You also need to be updated with the changes in the rules and regulations. If you have any doubts about your ability to do your XBRL filing cleanly, you will be better off by appointing an experienced provider of XBRL filing services in Singapore for the task. It especially applies to you if you are a small multi-tasking small business owner.

Benefits of Outsourcing XBRL Filing

Yes, the fees you have to pay for XBRL filing are an added burden to many small businesses affected by the present pandemic. However, without it, your business' statutory compliance is not complete.

Accurate XBRL Filing

So, you, like all other Singaporean companies, have to take steps to file your financial statements in the XBRL format. Rather than try to do it on your own, consider outsourcing the task to a provider of XBRL filing services in Singapore. They have expert accountants who know the latest changes in the ACRA’s filing requirements. And use their knowledge to do your XBRL filing accurately to ensure your compliance.

Reassign Your Staff to Business' Core Goals

Enlisting a firm for XBRL filing services in Singapore will save you from having to do this time-consuming task. You can use the saved time, effort, and resources to create a new marketing campaign or find new customers for your business. You can also reassign your staff to the core goals of your business to increase your reach and grow it.

Most importantly, you will not need to hire and train an in-house accountant for XBRL filing. The provider of XBRL filing services in Singapore uses the latest XBRL software. It means you do not have to spend money on it or any other related infrastructure or services like the internet.

Meeting ACRA's Statutory Compliance

The accountants employed by the provider of XBRL filing services Singapore are experienced and know XBRL taxonomies inside out. They know how to convert data in your business's financial statements using the appropriate XBRL tags. For them, it is earning their bread and butter. They are careful while doing it which ultimately, ensures your statutory compliance as per ACRA's and SFRS framework.

Do companies need XBRL filing services Singapore? Yes, they need these experts to comply with the prevailing regulatory requirements.

As per the Companies Act, Singapore private companies (limited or unlimited by shares) need to file their annual returns with ACRA. It involves submitting their financial statements (if applicable). And unless exempted, they have to file these documents in XBRL format.

XBRL Filing for Singapore Companies

A company director or company secretary can use ACRA's web portal to submit an annual return and XBRL report. However, many companies prefer to appoint a registered filing agent to do so. It is a time-consuming task involving preparation and converting financial statements in XBRL format.

The chances are that you may only have to submit an online declaration at the time of filing an annual return. However, if you need to submit a full set of FS in XBRL format, you must prepare and validate them before filing the annual return.

XBRL Conversion

While preparing the documents for XBRL filing, the preparer must map the info in the Financial Statements (FS) to the relevant XBRL tags. They need command of accounting concepts and XBRL tags libraries to do the task successfully. It is why companies appoint professional accountants working for XBRL filing services Singapore.

Types of XBRL Filing

From 1 May 2021, it is mandatory for Singapore companies to use XBRL filing requirements revised in 2020. They, unless exempted, have to submit a full set of FS or key financials in XBRL format plus a signed copy of their accounts presented to the Annual General Meeting.

Depending on the compliance needs of their company, the preparers have to choose one of the following templates for XBRL filing.

Full XBRL Template: They can use this template to record financial data in their primary statements & selected notes to FS

Simplified XBRL Template: They can use this template in place of XBRL FSH (General) to record their financial info in the FS

XBRL FSH (Banks): This template comes with 80 data elements that help preparers to record financial data

XBRL FSH (Insurance): This template has 80 data elements that a preparer can use to record financial data

If you are unsure which template to use, discuss it with your provider of XBRL filing services Singapore. It should not be a problem as their accountants can quickly advise you with it. That is one of the advantages of hiring an experienced provider.

Benefits of XBRL Filing

Trends: The financial data aggregated through XBRL filing also comes in handy to government, financial institutes and experts in understanding the trends in the economy. It helps in the planning and reallocation of the resources.

Investors: Filing of Annual Returns (AR) is an important step taken by the authorities to protect the investors. An information-rich AR assists the company’s stakeholders in making data-driven investment decisions. So, it is imperative that you hire a competent accounting services provider for the task.

XBRL filing services Singapore assist Singapore private companies (limited or unlimited by shares) with their compliance. They convert clients' financial statements using XBRL format to be filed with their annual returns with ACRA. These providers simplify the XBRL filing for their clients who are not familiar with the accounting principles and XBRL taxonomies advised by ACRA.