There are two key ways to prepare your company’s financial statements in XBRL format (“XBRL FS”) and file them as part of your company’s annual return:
a. Prepare XBRL FS using BizFinx preparation tool and file the annual return through BizFile+ portal. The steps are provided below; or
b. Use accounting software that can seamlessly prepare and file annual return (with Simplified XBRL FS) to ACRA. For more information about these accounting software, please click here.
You can also engage the service of a corporate service provider to help your company prepare XBRL FS.
Preparing your company’s financial statements in XBRL format using BizFinx
Step 1: Download ACRA's free BizFinx preparation tool here.
Step 2: Retrieve the financial statements tabled at your company’s annual general meeting ("AGM FS"). This is referred to as the “source document” in the preparation tool, which can be in either Microsoft Word or Microsoft Excel formats.
Step 3: Map the line items in your financial statements to the relevant tags within the ACRA Taxonomy. Complete all tabs in the template. Leave the data fields blank only if the information requested is not disclosed in the AGM FS.
Step 4: When completed, validate your XBRL FS offline. Review and correct the errors highlighted, if any.
Step 5: Validate and upload your XBRL FS directly from BizFinx preparation tool.
Click here for the full-resolution image.
Step 6: Login to BizFile+ to file the Annual Return with the correct XBRL FS uploaded.
Follow the steps in our Step by Step eGuide here (PDF, 1.5MB)(for companies with FYE before 31 August 2018) or here (PDF,2.7MB) (for companies with FYE on or after 31 August 2018).