The Accounting and Corporate Authority of Singapore (ACRA) has recently announced that their vendors need more time to develop the new and improved BizFinx portal which was designed to file full XBRL financial reporting, learned Singaporeaudit.com.sg, one of the leading Singapore auditing firms.
Singapore -- (SBWIRE) -- 12/02/2013 -- In tandem with the revision of the XBRL filing in Singapore ( http://www.singaporeaudit.com.sg/singapore-accounting-services/xbrl-extensible-business-reporting-language-report/ ), ACRA had rolled out an offline XBRL preparation tool and was supposed to launch BizFinx Portal earlier in December 2013. The portal was designed to file XBRL financial reporting as per the revised ACRA taxonomy 2013.
The key reason behind this delay is due to technical issues encountered in the deployment phase of BizFinx portal, ACRA stated. The launch date of the BizFinx portal is still uncertain and will be postponed to a date to be announced.
“Our clients and we are facing hassles due to this sudden delay in the launch of BizFinx. Most of our clients have already prepared their XBRL financial reporting in BizFinx tool and waiting for submission for later weeks of December 2013,” said Ms. Meena, Business Head of Singaporeaudit.com.sg.
Nevertheless, ACRA has made some short-term provisions to facilitate a hassle-free XBRL filing system for the companies required to file their XBRL reporting during this period. Companies can file their financial statements by using any of the following options in the Annual Return form in the BizFile system:
(a) Full PDF format (Option C) - select "Other companies which have been approved by ACRA", with the date of approval as "1 December 2013" and reason stated as "Transitional arrangement for BizFinx launch";
(b) Partial XBRL format (Option B) - using FS Manager tool
(c) Full XBRL format (Option A) - using FS Manager tool
ACRA further stated that the authority would provide two weeks’ notice before the new BizFinx portal would be ready for launch, whereupon the above filing options will no longer be available.
Initially, ACRA was determined to start full XBRL filing from October 2013. However, the authority revised the effective date to be 2 December 2013. Due to the delay in the launch of the BizFinx Portal, full XBRL filing is yet to start in Singapore.
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