Once you have successfully prepared and filed financial statements in XBRL format in the first year, it gets easier to prepare the financial statements in XBRL format in subsequent years. Here is some useful information to guide you in using the BizFinx preparation tool more smoothly.
Importing prior year’s information
There are three methods to prepare XBRL financial statements for a subsequent year:
- Open file with prior year’s XBRL financial statements and click on ‘Load Prior Period Data’ (recommended method)
Under this method, the prior year column in the templates will be filled with the data corresponding to the elements against which a match is found.
- Create a new XBRL financial statement file with subsequent year data, and import prior year data from prior year XBRL financial statements
Note that any imported data that does not match any data element in the templates will not be populated in the prior year column.
- Open file with prior year’s XBRL financial statements, and change dates accordingly for current year preparation
Under this method, there is a risk of certain data elements (e.g. text block) not being updated and erroneously filed as subsequent year filing.
Use the auto-tagging function
You can use the “auto-tagging” function to populate the latest data for all previously-tagged elements in statement of financial position, income statement and statement of cash flow. However, auto-tagging will not work on common elements in the XBRL financial statements (e.g. trade and other receivables under both current and non-current categories, in statement of financial position).
Refer to company label
Upon loading of prior year’s data, company labels (including combined company labels that are defined element names separated by “│”) created in prior year are ported over for your easy reference.
Check the footnotes
Please check that the footnotes are still relevant and accurate before submitting.