ACRA launches new initiative Bizfinx to replace current system

November 1, 2013 | By

ACRA launched new initiative Bizfinx to replace current system

The Accounting and Corporate Regulatory Authority of Singapore (ACRA) has launched a new initiative to enhance the dissemination of comprehensive business information to the business community through the implementation of BizFinx to replace the current FS Manager. The enhanced BizFinx system includes a new free BizFinx offline filing tool for companies to prepare XBRL financial statements in accordance with the revised XBRL filing requirements and will take effect from 2 December 2013. The preparation is made easier with the new offline BizFinx filing tool as the current system is only available online.

Key Changes

One of the key changes is that companies will no longer have the option of partial filing (Option B under current XBRL filing system). All Singapore incorporated companies which are either unlimited or unlimited by shares will be required to file their financial statements with ACRA will be required to file a full set of financial statements in XBRL format in accordance with a Minimum Requirement List with the new ACRA Taxonomy 2013.

What is Minimum Requirement List?

The Minimum Requirement List (not applicable for companies filing Financial Statements Highlights) is a set of elements within ACRA Taxonomy 2013 which companies are required to file if the information is available in the financial statements. Companies may choose to leave information blank if they are not required within the minimum required list. Comparing to the current system, Bizfinx is less burdensome as it is an offline software application with key features like drag-and-drop function and auto-tagging which reduces the data entry time.

Who is affected by the revised filing requirements?

The revised filing requirements are applicable for Singapore incorporated companies (either unlimited or limited by shares) which are filing their financial statements with periods ending on or after 30 April 2007. For those companies with companies with financial periods ending before that will remain unchanged.

The companies which are exempted from filing full set of financial statements XBRL format are commercial banks, merchant banks, registered insurers, finance companies that are regulated by the Monetary Authority of Singapore (MAS), and companies which are allowed by Singapore law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS (International Financial Reporting Standards).

Companies which are solvent exempt private company (EPC) will not be affected by the change, unless the company wishes to file voluntarily. Insolvent EPCs have the options to file their financial statements either with full set of financial statements in XBRL format or a full set of financial statements in PDF with Financial Highlights in XBRL format.

Companies limited by guarantee and foreign companies registered as branches will continue to only file a PDF copy of their financial statements to ACRA.

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