Singapore

Are your financial statements XBRL ready? 

In June 2013, Singapore's Accounting and Corporate Regulatory Authority (ACRA) announced changes to the filing requirements of Singapore incorporated companies. With effect from 3 March 2014, Singapore incorporated companies (unless exempted) will be required to file a full set of financial statements in XBRL based on revised filing requirements through the new BizFinx portal at www.bizfinx.gov.sg.
Are your financial statements XBRL ready?
Are you prepared?
Under the revised requirements, all Singapore incorporated companies (unless exempted) that are either unlimited or limited by shares will be required to file a full set of financial statements in XBRL format. The file must comply with the minimum requirement list reflected within ACRA Taxonomy 2013 (i.e. Full XBRL). Filing of Option B (Partial XBRL), under the current XBRL filing system, will no longer be available.

Consider this:
It may be more efficient to outsource the preparation of XBRL financial statements. With trained professionals preparing the statements according to filing requirements, you can dedicate your time and attention to reviewing and ensuring the completeness and accuracy of the information.

In planning for your company’s transition to Full XBRL financial reporting, consider the following:

  • Have you fully understood the revised XBRL filing requirements and changes and the impact these new requirements have on your company's financial reporting process?
  • Who in your company will be responsible for managing the XBRL preparation process and is there adequate time for training, process development and quality assurance checks?
  • Do you have adequate resources to prepare the documents according to XBRL standards and the right level of participation to ensure completeness and accuracy of information?

How can KPMG assist you
Let our team of experienced XBRL professionals help you get your financial statements XBRL ready. We will present your financial statements in accordance with the minimum requirement list reflected within the ACRA Taxonomy 2013. And for ease of filing with ACRA, the deliverable will be prepared using the enhanced XBRL tool, BizFinx.

Learn more about XBRL in Singapore
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Financial Reporting Matters

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KPMG's Financial Reporting Matters is a newsletter that aims to keep you informed on financial reporting developments in Singapore and internationally.