XBRL CONVERSION & ACRA FILING SERVICES IN SINGAPORE
When it comes to in-house XBRL conversion and ACRA annual return filing, businesses in Singapore often face significant challenges resulting from the essential yet highly time-consuming nature of these processes. BoardRoom can assist your business by undertaking this tedious task with our extensive experiences in XBRL conversion and ACRA filing services, saving time and resources that can be reallocated toward your core business growth.
Leading service provider for XBRL Conversion and ACRA Annual Return Filing
BoardRoom provides leading corporate solutions including XBRL services to help grow your business smoothly and efficiently. With a dedicated account manager, our expert team will handle your company’s XBRL work in an organised and friendly manner, while also ensuring you have one simple point of contact.
Extensive experience in Singapore and worldwide
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.
What is XBRL and why you should outsource it
XBRL is a reporting language used by the Accounting and Corporate Regulatory Authority (ACRA) for filing financial statements. This is required for all companies incorporated in Singapore to submit accounts to ACRA. Unfortunately, conversion is not easily automated as the difficulty lies within reading the data available and not understanding the language itself.
With our expertise in corporate secretarial and accounting services, BoardRoom can support you end-to-end, from your financial statements preparation to XBRL conversion and filing, as well as annual return filing.
Outsourcing your XBRL conversion & ACRA filing services to us means you can:
Ensure accuracy and compliance
We ensure accurate and compliant preparation of financial statements in XBRL format for seamless ACRA annual return filing, mitigating the risk of penalties for non-compliance or errors in your filings.
Streamline your ACRA filing procedures
Our team is well-versed in the ACRA Taxonomy and proficient in BizFinx preparation, guaranteeing smooth and efficient filing processes within the stipulated deadline. We help reduce your administrative burden so you can focus your internal resources on your core business.
Reduce time and cost
Our fast turnarounds and efficient processes enable swift completion of tasks, allowing you to allocate your resources more effectively towards other critical business activities.
Our XBRL Conversion & ACRA Annual Return Filing Services
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 company’s XBRL filing in an organised and friendly manner while also ensuring you have one simple point of contact.
01 Preparing XBRL financial statements
In Singapore, there are four types of XBRL filing formats, which vary based on the size and activities of the company. Leveraging our extensive experience, we provide services that guarantee your compliance with rigorous local and cross-border regulatory requirements.
We can help with preparing financial statements in any of the below XBRL formats for ACRA filing:
Balance sheets, income statements, and financial statement highlights are commonly entailed when preparing your XBRL filing for ACRA. In addition, reports from auditors and directors will be required for full XBRL filing.
Simplified XBRL filing is generally less expensive than full XBRL filing, but items such as balance sheets, cash flow statements, and statements of changes in equity are three frequently required items that are required for simplified XBRL filing.
The requirements for XBRL FSH depend on the size and nature of the institution. Balance sheets, income statements, and cash flow statements are commonly seen items. However, when filing XBRL FSH, additional items such as notes to the financial statements as well as regulatory reporting are expected to be included.
Like other types of XBRL filing, XBRL FSH for insurers requires balance sheets, income statements, and cash flow statements. However, insurers also require schedules and supplementary information to be provided. This can include premiums, claims, reserves, and other insurance items.
02 XBRL Conversion – 100% ACRA compliant
In Singapore, companies are required to adhere to the ACRA Taxonomy, which is developed under the disclosure requirements outlined in the Accounting Standards and Companies Act.
The ACRA Taxonomy is a standardised taxonomy that restricts preparers from introducing their company-specific concepts or establishing custom relationships between concepts. This measure aims to improve the comparability of collected data.
However, achieving 100% compliance with ACRA requirements for financial statements can be a challenging task when attempted internally, primarily due to the complexities involved in understanding the language and intricacies of the regulations.
BoardRoom can help you with converting financial statements, created in formats such as Excel or Word, into XBRL format to ensure compliance with the ACRA Taxonomy.
03 XBRL Conversion – a cost-effective solution
Outsource your XBRL conversion to our expert team so you can free up valuable time to grow your business. With our affordable rates, you’ll reduce operational costs while ensuring accuracy.
Standalone Financial Statements
Consolidated Financial Statements
Why Choose BoardRoom?
Because we help take your business further, faster, at all stages
BoardRoom is the partner of choice for many Fortune 500 multinational companies, publicly listed businesses, and privately owned enterprises. We help Singapore businesses reduce their cost, stay compliant, and navigating through complex operational and regulatory policies.
Get in touch with our XBRL conversion expert today!
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 tag 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?
To prepare and submit your company’s financial statements in XBRL format, you can use the BizFinx preparation tool provided by ACRA as part of your annual returns and financial reports. This software program helps companies prepare and upload their financial statements. However, it should be noted that mistakes made on these reports can result in penalties from ACRA.
Alternatively, you can also engage the service of a corporate service provider like BoardRoom to help your company prepare for XBRL conversion and filing.
5. How much do XBRL services cost?
XBRL solutions vary in price depending on the size of your business and your business’ accounting needs. In general, outsourcing your XBRL conversion and ACRA filing services can be cheaper by helping reduce cost and time compared to doing it in-house. You also have the assurance of knowing your filing and tagging will be correct the first time as it will be prepared by experts.
BoardRoom offers XBRL conversion from as low as SGD180. Contact us for a detailed quote today.
6. Is XBRL filing mandatory in Singapore?
Yes. Since 2007, companies that are required to file financial statements with ACRA have been required to file those financial statements in the XBRL format.
7. When do I need to submit my XBRL filing?
The timeline for XBRL filing are:
- Listed companies: Within five months after Financial Year End (FYE)
- Non-listed companies: Within seven months after Financial Year End (FYE)
ACRA can impose a late lodgement fee if a company fails to file its XBRL financial statements on time.
8. How can BoardRoom help in XBRL services?
Having been based in Singapore for over 50 years, BoardRoom is well-experienced in compliance with Singapore tax laws and regulations.
If you already have an incorporated company in Singapore, BoardRoom can provide you the full suite of corporate services such as XBRL conversion and annual return filing, accounting, tax, and payroll services.
If you have an inhouse corporate secretarial team and only require XBRL conversion which is time-consuming yet necessary, BoardRoom can ensure this process is seamless for you as we have supported over 1,000 companies in their XBRL conversions. 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.
Contact us today for a quote now.