Guide to Preparing XBRL Financial Statements via BizFinx

Know about XBRL preparation in detail

XBRL is the business reporting standard that ensures that the organizations’ financial figures reported to the regulatory authorities can be used in data analysis. One of the vital abilities of the XBRL preparation is to create clear, accurate, reusable digital versions of financial statements. The companies in Singapore must submit their financial statements and annual returns in XBRL format with Accounting and Corporate Regulatory Authority (ACRA) except for those exempt from doing so.

The most critical question that would be running through your mind right now must be –

How to Prepare XBRL Financial Statements?

Good news for every XBRL filer: Companies have various options for preparing financial statements in the XBRL format. Let’s understand the most common one – using the BizFinx preparation tool.

eXtensible Business Reporting Language (XBRL) is the modern standard for transmitting business and financial information. It plays a crucial role in ensuring that financial data reported to regulatory bodies is readily available for analysis. The adoption of XBRL for financial reporting simplifies the process, making data not only more accessible but also analyzable across different systems and platforms.

Importance of XBRL Preparation

One of the core advantages of preparing financial statements in XBRL is the ability to produce digital, clear, accurate, and reusable versions of these statements. This standardization is pivotal for transparency and efficiency in financial reporting.

XBRL Requirements in Singapore

In Singapore, the Accounting and Corporate Regulatory Authority (ACRA) mandates that companies submit their financial statements and annual returns in XBRL format, with certain exemptions. This requirement underscores the significance of XBRL in streamlining financial reporting and ensuring compliance with local regulatory frameworks.

Introduction to the BizFinx XBRL Preparation Tool

BizFinx is a portal offered by ACRA for companies to prepare and upload their XBRL preparation of financial statements in compliance with Singapore Financial Reporting Standards (SFRS). Earlier, companies used to file only a single account’s financial statements via the BizFinx portal. However, since the introduction of the new and upgraded BizFinx multi-upload tool in May 2019, companies can simultaneously upload multiple XBRL files on the BizFinx server. Check out your software and hardware requirements to run this tool effectively.

System Requirements for BizFinx XBRL Preparation Tool

To install the BizFinx XBRL preparation tool, the following requirements must be met:-

Operating systems and software Microsoft Windows 8.1, Windows 10, and above
The net framework should be 4.7.2 or later
Intel Core i3 or above, a non-intel processor of 2.0GHz or above
Free hard disk space of at least 200 MB
RAM of at least 2 GB
Monitor Resolution of 1280 X 800 and above

Step-by-Step Guide to Prepare Your XBRL report for Financial Statements

Step 1: Download the free BizFinx xbrl preparation tool provided by ACRA.

Step 2: Retrieve your financial statements, also known as source documents, in Microsoft Word or Microsoft Excel formats.

Step 3: Map one or more items of your financial statements to a tax in the ACRA taxonomy. Mapping is done by matching the information provided in your financial statements with a relevant concept within the taxonomy.

Step 4: Complete all the tabs in the template and customize it, if required.

Step 5: Validate and generate your XBRL financial statements.

Step 6: Review and correct any errors before final submission.

Step 7: Validate and upload your XBRL financial statements to ACRA directly from the BizFinx preparation tool.

Confused About Preparing Your XBRL Financial Statements?

Notably, the BizFinx Preparation Tool stands out as a primary utility for companies in Singapore to compile their financial reports in XBRL for submission to the Accounting and Corporate Regulatory Authority (ACRA). However, navigating the complexities of XBRL preparation demands expertise and precision.

Why Choose DataTracks for Your XBRL Reporting Needs?

Expertise and Reliability: DataTracks distinguishes itself in the realm of financial reporting and compliance through decades of accumulated expertise. Our team is adept at navigating the intricate requirements of XBRL preparations, ensuring that your financial filings are not only compliant with all regulatory standards but are also done so efficiently and effectively. Our profound understanding of the XBRL framework and regulatory nuances enables us to deliver unparalleled service quality, making the compliance process hassle-free for your business.

Comprehensive Support with an Emphasis on Quick Turnaround, Quality, and Security: DataTracks is committed to providing end-to-end support for your XBRL filings, from the initial preparation of your financial statements in XBRL format to their final submission with ACRA. Our dedication to your success is reflected in our:

Quick Turnaround: Recognizing the importance of timely filings, we prioritize efficiency without compromising accuracy, ensuring that your XBRL reports are prepared and delivered within your critical deadlines.
Unwavering Quality: Our commitment to excellence is evident in every XBRL report we prepare. Adhering to the highest standards of quality, we ensure that your filings are accurate, compliant, and presented in a manner that reflects the professionalism of your business.
Robust Security: As an ISO-certified service provider, DataTracks adheres to stringent security protocols to protect your sensitive financial data. Our certification is a testament to our unwavering commitment to data security, providing you with the peace of mind that your information is in safe hands.

Choosing DataTracks Singapore for your XBRL filing means partnering with a leader in financial compliance reporting. Our unparalleled expertise, tailored solutions, and comprehensive support framework are designed to make your XBRL reporting process as seamless and stress-free as possible, letting you focus on what you do best—running your business.

For more information on the XBRL financial statements prepared in compliance with ACRA, speak to an XBRL expert at +65-31-583-654 or email @ enquiry@datatracks.com.sg