Why do I need to convert to XBRL format?
If you run a company incorporated in Singapore, it becomes compulsory to file the annual accounts in eXtensible Business Reporting Language(XBRL) format
which is a global standard that allows for efficient retrieval and analysis of financial information
According to Accounting & Corporate Regulatory Authority (ACRA), it is compulsory to file their financial statements in XBRL unless they met one of the following exemptions:
- Specific companies regulated by MAS,
i.e. commercial banks, merchant banks, licensed insurers, finance companies regulated by MAS
- Companies allowed by law to prepare accordance with accounting standards
other than Singapore Financial Reporting Standards(SFRS), SFRS for Small Entities and IFRS
- Solvent exempt private private companies (EPCS)
- Insolvent exempt private private companies (EPCS)
- Companies limited by guarantee
- Foreign companies and their local companies
Why should I Consider Outsourcing This?
- It might sound easy, but it is not. Conversion to XBRL can sometimes be time-consuming and complicated.
- Outsourcing this tasks will help to lighten your burden, especially when you are not accounting trained.