How to Correct an Error in Your XBRL (Document) Financial Statements with ACRA
- The financial statements displayed in the AGM do not match the data in XBRL format.
- Data in the XBRL report is incomplete.
- There’s an incorrectly tagged element in the XBRL financial statements.
These are some common errors companies make while filing annual reports in the XBRL format to ACRA.
So what do you do if your company has filed an erroneous XBRL financial statement? Is there a way out? Let’s find out.
Steps to rectify your Wrongly filed XBRL Financial Statements with ACRA
If you have detected an error in one of your past XBRL Documents while filings, you have two options:-
- File an NOE (Notice of Error) with ACRA to rectify the errors
- File a Court Order to remove the AR and re-file a new one
Note: You must file the NOE as soon as possible because if errors are found misleading, you may have to face prosecution.
- NOE for Errors Filed Before Jan 3, 2016
If your company has filed the NOE before the date mentioned earlier, you only need to file the signed PDF copy of the AGM financial statement as part of the NOE. You don’t need to submit a rectified XBRL document.
- NOE for Errors Filed On/After Jan 3, 2016
If you’ve filed the NOE after the said date, you must prepare and file amended financial statements in the XBRL format through BizFinx. Also, ensure that the FS is based on a similar taxonomy version as in the original XBRL financial statements.
For instance, if the original XBRL FS were filed based on the current XBRL filing requirements, then the rectified FS will also be prepared with the same current XBRL filing requirements. To prepare the rectified financial statements, you can use version 2.7 of the BizFinx preparation tool. However, you must use version 3.2 if the financial statements were originally prepared based on the revised XBRL filing requirements.
For further information about filing the NOE, please refer to the below link:-
https://www.bizfinx.gov.sg/HtmlContents/NOE_eguide.pdf
But Wait! There’s Another Hidden Option, Number 3 – Outsource
Outsourced XBRL service providers like DataTracks ensure that the XBRL document – financial statements are tagged, mapped, and managed accurately. DataTracks boasts of a commendable experience of over 16 years in XBRL preparation and can help your company file error-free financial statements. So you can focus on streamlining your core business operations and leave your ACRA-related conversion, tagging, and error worries to DataTracks.
For more information about their error-free XBRL preparation and tagging services, please speak to a DataTracks expert @ +65-3158-3654 or email at enquiry@datatracks.com.sg.
Frequently Asked Questions: Correcting XBRL Financial Statements with ACRA
Q: What should I do if I find an error in my company’s XBRL financial statements filed with ACRA?
A: If you discover an error in your XBRL financial statements, you have two main options: file a Notice of Error (NOE) with ACRA or obtain a Court Order to remove the erroneous Annual Return (AR) and re-file a corrected one.
Q: When should I file a Notice of Error (NOE) with ACRA?
A: You should file an NOE with ACRA as soon as possible after detecting an error. Delays can lead to complications, especially if the errors are found to be misleading, which could result in prosecution.
Q: What is the process for filing an NOE for errors made before January 3, 2016?
A: For errors filed before January 3, 2016, you only need to submit the signed PDF copy of the AGM financial statements as part of the NOE. You are not required to submit a rectified XBRL document for these cases.
Q: How do I correct errors in XBRL financial statements filed on or after January 3, 2016?
A: For errors made on or after this date, you must prepare and file amended financial statements in XBRL format using BizFinx, ensuring they are based on the same taxonomy version as the original filing. Depending on the original filing requirements, you will use the appropriate version of the BizFinx preparation tool.
Q: Can I outsource the XBRL preparation to avoid errors in filing?
A: Yes, outsourcing XBRL preparation to experienced service providers like DataTracks can help ensure that your financial statements are accurately tagged, mapped, and managed, significantly reducing the risk of errors.
Q: How does outsourcing XBRL services benefit my company?
A: By outsourcing, you can focus on your core business operations while the service provider handles the conversion, tagging, and ensures compliance with ACRA’s XBRL filing requirements, saving you time and resources in managing these complex tasks.
Benefits of Outsourcing XBRL Services:
- Focus on core business: Free up internal resources by delegating XBRL tasks to specialists.
- Enhanced efficiency: Save time and effort on XBRL conversion, tagging, and validation.
- Expertise and accuracy: Leverage the knowledge and experience of XBRL professionals to ensure accurate and compliant filings.
- Cost-effectiveness: Reduce overhead costs compared to building and maintaining an in-house XBRL team.
- Streamlined compliance: Ensure timely and accurate filings with reduced risk of errors and penalties.
By outsourcing XBRL services from DataTracks Singapore , you can gain access to specialized expertise, improve efficiency, and achieve seamless compliance with regulatory requirements, allowing you to focus on your core business activities.
Q: Where can I find more information about filing an NOE with ACRA?
A: For detailed guidance on filing an NOE, you can refer to the e-guide available on the BizFinx website, which provides comprehensive instructions and tips for the process.