ACRA XBRL Reporting
ACRA XBRL Reporting
ACRA XBRL tagging for Companies
DataTracks helps several Singapore-based companies to successfully convert financial statements into error-free XBRL format to comply with ACRA XBRL preparation requirements.
As a certified company for quality and data security, we strive to provide you with high data security and excellent quality of service delivery.
Why XBRL Managed Tagging Service?
- Cost-effective solution for converting AFS into XBRL format.
- It helps to manage your time as well as resources.
- You need not waste your time buying and learning XBRL tools and taxonomy.
- Setting up an in-house team for a non-core activity is not required anymore.
ACRA XBRL tagging for Accounting Firms
The financial reporting sector in Singapore was revolutionized after the enforcement of XBRL. However, apart from businesses, accountants were the ones left to deal with the extra burden of meeting additional filing requirements and converting financial reports into XBRL by tagging with the correct taxonomy. As regulatory compliances become trickier by the day, accounting firms continue to face challenges trying to keep up with the current requirements.
With the expert guidance and professional experience of DataTracks, accounting firms can now leave their worries at bay. From taking care of every intricate detail to dealing with tagging and complex XBRL reporting requirements, DataTracks strives to provide quality conversion and reporting services to its clientele.
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What is ACRA, and why is XBRL tagging required for filing in Singapore?
The Accounting and Corporate Regulatory Authority (ACRA) is the governing body in Singapore that mandates the submission of financial statements in XBRL format in 2013. XBRL tagging is essential for converting financial statements into a structured digital format called XBRL that ACRA has defined requirements for the companies to file in XBRL.
Which Companies in Singapore Must File Financial Statements in XBRL Format?
All incorporated companies in Singapore, except exempted ones, are mandated to file financial statements in XBRL format with the Accounting and Corporate Regulatory Authority (ACRA) as part of their annual requirements.
Companies limited by guarantee and foreign companies provide key financial data in XBRL alongside signed PDF copies distributed at annual meetings, while both public and private companies submit complete financial statements in XBRL. In contrast, sole proprietorships and partnerships are exempt from submitting financial statements to ACRA.
How do Singapore companies gain advantages through XBRL format filing?
Filing in XBRL format streamlines financial statement preparation, enabling quick processing and analysis by regulators. Leveraging the XBRL reporting standard, the system provides benefits like automated report generation, faster and more accurate data handling, improved business information analysis, efficient processing of large data sets, and overall cost-effective regulatory procedures.
What is the timeline of filling ACRA?
For businesses required to file annual returns, XBRL-formatted financial statements must be prepared post-financial year-end. Companies with financial years ending before August 31, 2022, should file within 30 days after the annual general meeting. For those ending on or after August 31, 2022, the timeline is five months (listed companies) or seven months (non-listed) after year-end. For companies with overseas branch registers, the deadlines are six months (listed) or eight months (non-listed). Delays may incur penalties, and filing is contingent upon AGM completion or financial statements dispatch for companies without AGMs.
How does DataTracks contribute to ACRA XBRL filing?
DataTracks assists businesses in converting their financial statements into the required XBRL format as mandated by ACRA for all incorporated companies in Singapore. With a dedicated team of experienced XBRL experts, DataTracks ensures companies seamlessly comply with ACRA’s filing requirements, providing a reliable and efficient solution.