The decision by ACRA to revise the XBRL filing date along with certain key requirements would improve the overall quality and probity of financial statements, says Singapore’s Accounting Specialist, SBS Consulting.
Singapore -- (SBWIRE) -- 10/23/2013 -- Singapore’s regulatory body for public accounts, the Accounting and Corporate Regulatory Authority (ACRA) has announced the revised XBRL requirements, whereby the effective date for filing financial reports in full XBRL (extensive Business Reporting Language) format has been altered from 22nd October to 2nd December.
“This revision is in response to feedback for companies to be given additional preparation time as they get ready for the transition to full Singapore XBRL filing,” said ACRA.
SBS Consulting learns that this decision by ACRA will further enhance the credibility and veracity of the financial statements furnished by Singapore companies, as up till now companies used to file their financial reports in partial XBRL format, which henceforth have to file their statements in full XBRL format from 2nd December 2013 onwards.
Furthermore, the proposed release of a new advanced tool called Biz Finx for full Singapore XBRL filing considerably reduces the burden of filing for companies. This is basically an offline software application with key features like drag-and-drop function and auto-tagging which reduces the data entry time of the preparers. This tool will replace the existing FS Manager tool with effect from 30 November 2013, 23:59 hours.
In compliance with the revised changes in XBRL filing, SBS Consulting provides professional Singapore XBRL filing services in order to help companies file their financial statements in a proper way and in a timely manner.
The services offered by the firm related to XBRL include preparation of XBRL report, filing of the financial statements in full XBRL format with the help of Biz Finx tool and submission of the report to ACRA.
The company has an esteemed team of professionals with a proven track record of successfully assisting business entities in XBRL financial reporting. Their attention to detail and unifocused approach towards clients has made SBS Consulting one of the renowned corporate services provider in Singapore.
About SBS Consulting
SBS Consulting is one of the leaders of corporate solutions providers in Singapore, since its incorporation in 2010. It specializes in providing XBRL filing service to companies in Singapore with its experienced team of certified accountants. SBS Consulting “Singapore accounting firm” ensures that their services are in compliance with the guidelines of public accounts regulatory body ACRA thereby fulfilling the clients’ needs in an accurate, up to date and authentic manner.
Apart from the XBRL filing service in Singapore, the firm also offers services such as company incorporation, accounting, Singapore taxation, auditing, payroll and immigration. SBS Consulting aims to be a trustworthy partner for all the corporate needs of Singapore business houses.
SBS Consulting Pte Ltd
35-B Hongkong Street,
Singapore - 059674
Tel: +65 67289142
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