Embedded Files
When it comes to in-house XBRL conversion and ACRA annual return filing, businesses in Singapore often face significant challenges resulting from the essential yet highly time-consuming nature of these processes. QI Management can assist your business by undertaking this tedious task with our extensive experiences in XBRL conversion and ACRA filing services, saving time and resources that can be reallocated toward your core business growth.
What is XBRL filing and why is it required?
Under Accounting and Corporate Regulatory Authority (ACRA) rules in Singapore, XBRL stands for eXtensible Business Reporting Language. It is an XML-based standard designed for electronic communication of business and financial data.
The requirement: since 1 November 2007, incorporated companies required to file financial statements with ACRA are mandated to submit them in XBRL format — either a full set of statements or, in certain cases, Financial Statement Highlights in XBRL format.
Why required? XBRL enables efficient, accurate and comparable submission of financial data. It enhances transparency, allows ACRA and other users to analyse data more readily, and improves the quality of regulatory reporting.
For more information, see ACRA’s official page: About XBRL
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