You might be aware that the Accounting & Corporate Regulatory Authority (ACRA) implemented a new filing requirement for Singapore incorporated companies to file your financial statements in XBRL format with effect from 1 November 2007.
XBRL stands for eXtensible Business Reporting Language. It is the director’s responsibility for the accuracy and correct representation of information. It is a time-consuming task and often, you would need be to equipped with sufficient level of accounting background and knowledge on Singapore Financial Reporting Standards before you could carry out this task effectively
As the director, you can either
- DIY yourself by accessing on to the Bizfile website, learn the procedures and prepare the XBRL report yourself; or
- free yourself of this hassle by dumping this no-revenue generating task to a professional accounting firm like 1 Accounting to assist you in the preparation.
Before you engage us for the XBRL filing, we will carry out the assessment whether you really need for the XBRL filing as there is exemption for certain companies that meet the exemption criteria. Why not check with us on the exemption to save you cost and eliminate your worries on accounting compliance?