1. How do I use BizFinx preparation tool to prepare XBRL file?
  2. Does my company need to prepare XBRL file?
  3. Genuine errors for Note - Property, Plant & Equipment template, how do I resolve the errors?
  4. Genuine errors Misc_006 and Misc_007, but my company's financial statements are consolidated for the first time without prior year comparative figures. How do I resolve this?
  5. Possible errors Misc_005 and Misc_041, but I have submitted my company's financial statements using the text block element in the Full set of Financial Statements template. How do I resolve this?
  6. To populate prior year figures, what should I do?
  7. Difference between minimum requirement and full taxonomy view?

More FAQs are available here (PDF, 1.11MB).

Question 1

How do I use the BizFinx preparation tool to prepare XBRL file?

The BizFinx preparation tool is provided by ACRA free-of-charge to facilitate companies' preparation of XBRL financial statements in accordance with the revised XBRL filing requirements.

Click here for the steps on how you can go about preparing and filing your XBRL financial statements.

More information on XBRL preparation and filing is also available in the various chapters, and the help guides (e.g. quick guide for BizFinx preparation tool) are available under Useful Guides .

Question 2

Does my company need to prepare XBRL file?

From 03 March 2014, Singapore-incorporated companies (unless exempted), which are limited or unlimited by shares and required to file their financial statements with ACRA, are required to file a full set of financial statements in XBRL with ACRA.

Please refer to the filing requirements for various company types here.

Question 3

Genuine errors for Note - Property, Plant & Equipment template, how do I resolve the errors?

The errors commonly met by preparers are as follows:  

  1. The value provided for totals should be the sum of the values submitted for its child fields. (Error ID: Misc_002, Misc_040)

    The parent-child relationship of different asset classes may be viewed from the Mapping Assistant in the BizFinx preparation tool. 

  2. Mapping Assistant 

    An area where users frequently encounter issues is for the “Total Land and Building” element. “Freehold Land” and “Leasehold Land and Building” are sub-class elements which will add up to be “Total Land and Building”. 

    totallandandbuilding 

    A similar element for which errors are frequently made is “Total Vehicles”. Preparers should ensure that the sub-classes of vehicles sum up to the value for “Total vehicles” as well.

    total vehicles 

    In addition to checking the subtotals for “Total Land and Building” and “Total Vehicles”, preparers should ensure that the value for “Total Assets” should be equal to the sum of values of the individual fields of assets provided, taking note not to double count for the sub-classes of “Total Land and Buildings” and “Total Vehicles” should these two subtotals be used as well. 

    Lastly, preparers should check that Carrying value at beginning/end of period is equal to the value of Gross carrying amount at beginning/end of period minus Accumulated depreciation, amortisation and impairment at beginning/end of period. 

    In summary:

    Description Elements to Check
    Check for domain members  Total Land and Building

    = Freehold Land + Leasehold Land and Building

    Check for domain members  Total Vehicles
    = Ships + Aircraft + Motor Vehicles + Other Vehicles
    Check for elements Total Assets = Sum of all asset classes disclosed
    Check for elements Carrying value at beginning/end of period

    = Gross carrying amount at beginning/end of period - Accumulated depreciation, amortisation and impairment at beginning/end of period

  3. Closing balance should be the sum of opening balance and movements during the financial reporting period. (Error ID: Misc_023)
  4. Preparers should ensure that the aggregate value of opening balances and movements during the year is equal to closing balance values.

    The general principles are set out as follows: 

    Description Elements to Check
    Gross carrying amount at end of period Gross carrying amount at beginning of period + Movements (e.g. Additions other than through business combinations, Disposals, Write-offs)
    Accumulated depreciation, amortisation and impairment at end of period Accumulated depreciation, amortisation and impairment at beginning of period + Movements (e.g. Acquisition through business combinations, Depreciation, Disposals, Write-offs)

Question 4

Genuine errors Misc_006 and Misc_008, but my company's financial statements are consolidated for the first time without prior year comparative figures. How do I resolve this?

You may seek exemption from ACRA for these genuine errors if it is confirmed that the XBRL data being submitted is correct and accurate. To apply for exemption, please visit the BizFinx portal and click on the Exemption Request tab.

Question 5

Possible errors Misc_005 and Misc_041, but I have submitted my company's financial statements using the text block element in the Full set of Financial Statements template. How do I resolve this?

Please review the information in the text block element and ensure that you have submitted a full set of financial statements (including auditors’ report, directors’ report and statement by directors, primary statements and all notes to financial statements) as tabled at the AGM (Annual General Meeting) using this text block element.

Possible errors Misc_005 and Misc_041 checks for the completeness of information submitted in the "Disclosure of complete set of financial statements [text block]". This includes checks for specific key-words and the number of characters submitted in the text block submitted.

As long as you have confirmed that the entire full set of financial statements as tabled at the AGM has been provided for in the text block element, you can proceed for filing.

Question 6

To populate prior year figures, what should I do?

Only previously saved XBRL files are allowed to be imported or opened in the BizFinx preparation tool, in populating of prior year data. 

To populate prior year data, you may:

  • “Open” and “Load Prior Period Data” from previously saved XBRL file upon opening of the BizFinx preparation tool;
  • Import the previously saved XBRL file at any point in time during preparation, specifying prior period dates, in the BizFinx preparation tool; or
  • Auto-tag / drag-and-drop together with prior year data from source document into the template.

Please note that only XBRL files conforming to the ACRA XBRL Taxonomy 2013 or later can be opened in the BizFinx preparation tool. Users will not be able to import prior year data using XBRL files from earlier taxonomies (i.e. that from FS Manager).

Question 7

Difference between minimum requirement and full taxonomy view?

The ACRA Taxonomy has about 1800 unique elements. Only elements within the minimum requirement list (of approximately 350 elements) are required to be submitted by companies, if the information is available in the AGM financial statements. Accordingly, the minimum requirement view only shows the minimum requirement list elements within the template which are required for submission. On the other hand, the full taxonomy view shows all the elements available for the template.

Companies may voluntarily choose to submit more information than required by the minimum requirement list using the full taxonomy view.

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