Preparing financial statements in XBRL mode for filing with the Registrar
The process for creation and filing of Financial Statements in XBRL mode is as under:
Step 1: Download ACRA’s BizFinx preparation tool.
Step 2: Retrieve the financial statements tabled at your company’s annual general meeting. This is referred to as the “source document” in the preparation tool, which can be in either Microsoft Word or Microsoft Excel formats.
Step 3: Map the line items in your financial statements to the relevant tags within the ACRA Taxonomy. Ensure that you have fulfilled the minimum requirement list.
Step 4: When completed, validate your XBRL financial statements. Review the errors highlighted, if any.
Step 5: Save the XBRL financial statements for submission in the BizFinx portal.
Step 6: Uploading your company’s XBRL financial statements to BizFinx portal
Preparing XBRL Financials – In house or Outsource?
As companies of all sizes determine how they will meet the ACRA’s XBRL filing requirements, they have several options to consider. Will they do it themselves or will they outsource the work? For each company, this answer will differ, as there is no one-size-fits-all approach to filing in XBRL.
The first thing a Company must do is identify its priorities and resources, including budget, staff and expertise. On the other hand, some companies will make decisions based on their desire to have more control over the report preparation process.
In-house Creation of XBRL documents:
When creating the XBRL report In-House, companies must do most of the heavy lifting themselves. There are many factors to consider when insourcing including what software tool to use, how to overcome the steep learning curve, what tags to choose, how to validate the files produced (usually the software tool can address this) and what internal procedures will be followed for gaining approval of the tags selected. The level of effort is significantly greater using this approach and will involve expert help from external partners due to complexity of XBRL implementation.
When outsourcing, Companies choose a partner to do the heavy lifting of selecting and mapping XBRL tags to financial reporting facts, creating custom extensions, building the extension taxonomy and populating the instance document – in short creating the XBRL filing. In reality this process is iterative whereby the partner creates the XBRL files then returns some form of rendering (often a pdf document) for review. The filer must review and comment on the tags selected and make changes where desired. There are usually three to five rounds of tag selection and approval, so the filer is involved all along the way.
Why should you outsource XBRL Conversion services to XBRL Experts?
As directors are responsible for the correct representation and accuracy of the information filed, it is often something that they or the business owner works on personally. However, the filing process can be time-consuming and daunting, taking up valuable time that could have been spent on core business functions.
Outsourcing the filing to a professional accounting services firm gives directors and business owners peace of mind, knowing that their company’s compliance needs are in good hands. Outsourcing helps eliminate the hassle of figuring out how to use the online filing system, selecting the required information for disclosure, entering the information manually, and reviewing the financial statements.
XBRL Experts provide you with a simple and secure way to prepare and file the Financial Statements with ACRA. Our technology and quality assurance processes ensure that your output is 100% correct each and every time. We can help you meet your XBRL Conversion requirements in Timely and Cost Effective manner with Guaranteed Accuracy.
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