XBRL CONVERSION FOR BUSINESSES IN SINGAPORE
Reallocate Valuable Resources Away From XBRL and Focus On Your Business. Let BoardRoom Handle Your XBRL Conversion.
Often, the problem with in-house XBRL conversion and XBRL filing is that it is an extremely time consuming yet necessary process for running a company in Singapore. BoardRoom assists businesses by undertaking this tedious task with our XBRL filing services, saving time and resources that can be reallocated towards their core business growth. Through years of experience dealing with hundreds of clients, we have refined and streamlined our XBRL conversion process. Leave it to us rather than placing the weight on the shoulders of your in-house team.
Why is XBRL conversion required?
XBRL applies to all companies incorporated in Singapore. XBRL is a form of reporting language adopted by ACRA for financial statements reporting by companies that are required to lodge accounts with the authorities. Unfortunately, XBRL conversion is not easily automated as the difficulty lies within reading the data available, not understanding the language itself.
01 With BoardRoom XBRL conversion services, your business is free to enjoy:
- Expertise in XBRL built from supporting over 1,000 companies in their XBRL conversion
- Preparation of financial statements in XBRL format for ACRA filling
- XBRL Conversion and XBRL Filing of Financial Statement
- Facilitation of ACRA filings – 100% ACRA compliant
- Expertise in ACRA Taxonomy & BizFinx preparation
- Time & Cost Savings With Fast Turnarounds
BoardRoom provides leading corporate solutions including XBRL services and more to help grow your business smoothly and efficiently. With a dedicated account manager, our expert team will handle your companies XBRL work in an organised and friendly manner, while also ensuring you have one simple point of contact.
Should you have any questions about what we can do for your company, leave us a message at any time and we will get back to you as soon as possible.
Why Choose BoardRoom?
Because we help take your business further, faster, at all stages
BoardRoom is Asia-Pacific’s leader in Corporate and Advisory Services including Regional Employee Plan Services, Regional Payroll Services, Corporate Secretarial Services, Share Registry Services, Accounting and Taxation Services, Payroll Outsourcing, and Human Resource Outsourcing.
For over 50 years, we have supported companies in navigating through complex operational and regulatory policies and cultural sensibilities. We are well-positioned in Asia-Pacific with offices in Singapore, Australia, China, Hong Kong, and Malaysia, as well as an extensive partner network throughout Asia.
BoardRoom is the partner of choice for many Fortune 500 multinational companies, public listed and privately owned enterprises.
Frequently Asked Questions (FAQs)
1. What does XBRL stand for in accounting?
XBRL stands for eXtensible Business Reporting Language.
2. How does XBRL work?
XBRL is an XML standard solution for tagging financial and business reports to increase their overall transparency. This is done by using a universal format, which then makes the reports more accessible.
3. What is XBRL conversion?
The preparer of the XBRL financial statements needs to map the information in the financial statements to the relevant XBRL tags. It requires a deep understanding of accounting concepts and tags libraries. Our accountants, with their expertise with the tag libraries and industry-wide experience, are best suited for it.
4. How to do XBRL filing?
You can either prepare your company’s financial statements in XBRL format and file them using BizFinx preparation tool as part of your company’s annual return through BizFile portal.
Or alternatively, you can also engage the service of a corporate service provider like BoardRoom to help your company prepare for XBRL conversion and filing.
For more information on XBRL filing services, kindly contact us today.
5. How much do XBRL services cost?
XBRL services vary in price depending on the size of your business and your business’ accounting needs. In general, outsourcing your XBRL conversion and XBRL filing services can be cheaper by helping to reduce cost and time as compared to doing it in-house. You also have the assurance of knowing your filing and tagging will be correct first time as it will be prepared by experts.
If you are looking for a quote for your XBRL services, kindly contact us today.
6. Is XBRL filing mandatory in Singapore?
Yes. Since 2007, companies that are required to file financial statements with ACRA are required to file those financial statements in the XBRL format.
7. How can BoardRoom help in XBRL services?
Having been based in Singapore for over 50 years, BoardRoom is well-experienced when it comes to compliance with Singapore tax laws and regulations. Our accountants, with their expertise in XBRL tag libraries and industry-wide experience, are equipped to ensure your XBRL filing is completed accurately and on-time.
If you are a Singapore-based company and you need help with your XBRL services, kindly contact us today.