XBRL - Managed Tagging Service
DataTracks provides XBRL tagging services that help you meet the ACRA’s XBRL preparation requirements for filing. 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.
XBRL Service for Accounting Firms in Singapore
Serving Accounting Firms Since 2012
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.
DataTracks, one of the best XBRL service providers with extensive experience of over 19+ years, caters to the top accounting firms in Singapore. So leave your XBRL preparation worries with us and focus on your core accounting services.
Global presence
Headquartered in Singapore with presence across US, Africa, Europe and Asia Pacific
Track Record
Track record of 19+ years in XBRL Industry with more than 220,000 compliance reports globally.
Quality
Certified by XBRL US for XBRL Data Quality and certified for ISO 9001:2015 quality standards by TÜV of Germany.
Expertise In Accounting
Our team of professionals are highly skilled, qualified accountants, with in-depth knowledge and expertise in XBRL reporting and good understanding of the ACRA taxonomies.
Data Security
ISO certified with data stored on secure Tier 4 data centres and Certified for ISO 27001:2022 for information security management
Customer Support
Unmatched support from our team of XBRL experts in multiple accounting standards available to help and support with your XBRL filing.
Frequently Asked Questions
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.
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.
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.
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.
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.
Companies filing the annual return beyond 30 days after their AGM face a late lodgment fee, starting at $300 and increasing with the duration of the delay.
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