XBRL, abbreviation for eXtensible Business Reporting Language, is an XML-based language for tagging financial data that enables business to efficiently process and share their data.
The Accounting and Corporate Regulatory Authority (“ACRA”), the national regulator of business entities and public accountants in Singapore introduced XBRL in 2007 for corporate financial reporting.
ACRA mandates all Singapore incorporated companies to file their financial statements in XBRL format except those companies that are specifically exempted.
The financial statements should include statement of financial position (balance sheet), statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows and Notes comprising of a summary of accounting policies and other explanatory information.
Every business entity that is required to file their annual returns must prepare their financial statements in XBRL format after the end of its financial year.
Companies have multiple options to consider when it comes to preparing their XBRL reports. The best option will depend on the resources available in house.
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