ACRA compliance, delivered with precision
Precision-driven XBRL solutions for organizations that demand reporting excellence
XBRL Solutions for ACRA Compliance
As the forerunners in Compliance Reporting, DataTracks specializes in XBRL preparation solutions for Singapore’s regulatory environment. Since 2013, we’ve supported accounting firms, auditors, and corporations with their ACRA filing requirements.
We convert financial statements into ACRA-compliant XBRL format with accuracy and reliability.
Our Approach:
ACRA Expertise – Deep understanding of taxonomy requirements and regulatory standards
Quality Focused – Rigorous validation processes for audit-ready filings
Experienced Team – Proven track record with Singapore’s professional services firms
Global Perspective – International experience applied to local compliance needs
ACRA XBRL Compliance Solutions
FATCA/CRS Reporting
With deep expertise in APAC regulatory landscapes, DataTracks provides comprehensive FATCA/CRS reporting services tailored to the region’s financial institutions. We streamline account aggregation across entities and business units, leveraging key data elements such as customer identifiers and tax information to ensure accurate cross-border reporting.
CbCR Reporting
Under the OECD’s BEPS Action Plan 13, multinational enterprises must submit Country-by-Country Reports to relevant tax authorities. DataTracks provides specialized CbCR solutions for organizations operating in the APAC region, addressing the unique filing requirements of each jurisdiction. Our platform transforms pre-mapped Excel data into compliant XML formats tailored to the regulatory specifications, ensuring accurate and timely submissions across multiple territories
DataTracks Oxbow for FATCA/CRS Reporting
With DataTracks Oxbow users can perform complex regulatory submissions with ease. Regulations such as FATCA/CRS, CBCR and MIFID are covered, generating fully valid outputs in formats such as XML. The latest version of DataTracks Oxbow is an AI-driven automated MTD for VAT conversion tool with a capability to generate XBRL files in under 15 minutes, with full compliance and uncompromised accuracy.
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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.
