The Accounting and Corporate regulatory Authority (ACRA) has recently announced revised filing requirements for Singapore registered companies. From 2nd December 2013, all Singapore incorporated companies (unless exempted such as insolvent Exempted Private Companies) which are either unlimited or limited by shares will need to file a full set of financial statements in XBRL (eXtensible Business Reporting Language format) with ACRA. This promotes the transparency of the financial statements information to stakeholders of company and adds value to the overall financial reporting process.
BizFin Preparation Tool is the new preparation tool provided by ACRA free of charge to enable companies to prepare their financial statements in XBRL offline. This tool allows companies to manage their XBRL financial statements on MS Excel-based templates in the minimum requirement list. To reduce the time for manual data entry, the tool is equipped with an auto-tagging function to auto-map items as well as drag-and-drop functionality to populate the financial data.
A foreign company registered as a branch under the Singapore Companies Act, Cap. 50 (the “Companies Act”), is required to lodge the audited accounts of its Singapore branch and its Head Office accounts with the Accounting and Corporate Regulatory Authority (“ACRA”) on an annual basis.
The audited accounts of the branch must as far as practicable, comply with the requirements of the Singapore Accounting Standards and give a true and fair view of the branch’s operations in Singapore. The requirements and timeline for filing of such accounts is governed under Section 373 of the Companies Act. Until recently, this was also guided by Practice Direction Number No. 1 issued by the ACRA in 2012.