NewswireToday - /newswire/ -
Singapore, Singapore, 2014/02/24 - ACRA’s new business financial information website- BizFinx will go live on 3 March 2014. The launch of this website will add a new dimension to the world of Singapore accounting, says leading accounting firm Singapore Accountingservice.com.sg.
The Accounting and Corporate Authority of Singapore (ACRA) announced the launch of the newly enhanced portal -BizFin x. With the launch of this new business financial information website of ACRA, all the Singapore incorporated companies (unless exempted) are required to file a full set of their financial statement in XBRL format based on revised filing requirement under ACRA’s new taxonomy 2013.
“As FS Manager will be phased out by 28 February 2014 23.59 hours, the companies planning to file their annual return using FS Manager must file their return before 28 February 2014. We are receiving piles of applications from our clients to complete their filing process within this period,” says Business Head of the firm.
ACRA has postponed the launch of BizFinx twice earlier (October and December 2013) due to some technical issues and this is the third announcement.
The authority has extended their support towards the companies other than public listed companies by offering more time to hold their AGM (Annual General Meeting) or to file their AR (Annual Return) form during the first year of implementation of the revised Singapore XBRL filing requirements. This assistance will be applicable for companies filing a full set of financial statement in Singapore XBRL.
eXtensive Business Reporting Language, also known as XBRL, was introduced in 2007 in Singapore and Since then, companies were given with two options to file their Financial statement a) full set of XBRL and b) partial XBRL format. With this launch, option B will be ceased and only full set of Singapore XBRL filing will be available.
AccountingService.com.sg is a renowned accounting firm in Singapore that has been widely acclaimed for offering full spectrum of accounting service including Singapore XBRL, Bookkeeping, corporate accounting, accounting system and other professional accounting services. Other than just accounting domain, the firm provides end-to end corporate solutions for services such as Singapore company registration, taxation and immigration services.