Preparation and filing process under the new BizFinx system
A. Preparing XBRL FS
1.To prepare your XBRL FS, you may use the offline BizFinx preparation tool, which is provided by ACRA free of charge.
2.In using the preparation tool, you will need the financial statements tabled or used for purposes of Annual General Meeting (AGM). This is also known as the source document in the preparation tool, which could be prepared in Microsoft (MS) Word or Excel format.
3.Prepare your XBRL FS in accordance with the minimum requirement list.
If you are exempted from filing a full set of financial statements in XBRL and will be filing financial statements highlights instead, please refer to the guide to financial statements highlights preparation.
4.Review and validate your XBRL FS:
a.Genuine errors - Please rectify the highlighted genuine errors. Exemptions may be sought from ACRA for specific scenarios.
b.Possible errors - Please rectify if the errors flagged out are genuine errors. If not, you may proceed with the possible errors without making any changes.
5.Save the XBRL FS in ZIP format for submission through the BizFinx portal
B. Filing XBRL FS
Through the BizFinx Portal
6.Login via SingPass, to validate and upload the XBRL FS (note: validation function is available with / without SingPass login. Upload function is only available with SingPass login.)
7.Upon validation of your XBRL FS, if you encounter:
a.Genuine errors - please rectify the highlighted genuine errors. Exemptions may be sought from ACRA for specific scenarios.
b.Possible errors - please rectify if they are genuine errors. If not, select the checkbox beside the possible errors to confirm that they are not errors. (note: checkbox for possible errors will only be available when XBRL FS is selected for “validate and upload”, and there is no genuine error.)
Through Annual Return form in BizFile
8.Login in as an authorised personnel to file XBRL FS as part of the Annual Return form.
New fields related to the financial statements are added in the Annual Return form. These include:
a.principal activities, also known as Singapore Standard Industrial Classification (“SSIC”) codes, as of financial period end date (if different from date of Annual Return)
b.name of public accounting entity and public accountant if the financial statements are required to be audited
You can find more details in other webpages on XBRL filing from this website.