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Description
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ACRA has revised the filing requirements and data elements in XBRL format for companies. This is a part of ACRA’s efforts to streamline the filing of Financial Statements.
Companies are required to apply the revised filing requirements and data elements on or after 1 May 2021.
This timely workshop will go through the data completion process of each worksheet using the BizFinx preparation tool and provide practical tips on minimising data validation errors and redesign of company’s future financial statements presentation to increase efficiency of the data entry effort.
Programme Outline
- Overview of Full XBRL template and Simplified XBRL template
- Criteria for filing Simplified XBRL template
- Completing each worksheet in Full XBRL template
- Automated and semi-automated means to transfer data in income statement and balance sheet to XBRL worksheets
- Cross check between worksheets, i.e. error validation
- Understanding error validation message and corrective steps
- Saving current year’s data as next year’s prior year data
- Suggested financial statements presentation to increase efficiency
For participants who want to have hands-on experience, please bring along your laptop downloaded with the latest XBRL version 3.3 .
To download:
https://www.acra.gov.sg/xbrl-filing-and-resources/updated-bizfinx-prepration-tool-and-multi-upload-tool-are-now-available
You may want to bring along your entity's FS in Microsoft Word or Excel. Alternatively, a sample FS will be provided.
For participants who do not need hands-on experience, you will still benefit with a practical appreciation of the completion of XBRL financial statements in a productive manner.
Target Audience
- Preparers of XBRL financial statements (i.e. those tasked to key in the XBRL FS)
- Auditors who want to present clients’ financial statements that are easier for data entry in XBRL
Expert Speaker
Chee Hay Kheong Daniel
Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 15 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.
Daniel is a highly sought-after seminar trainer, and was an Adjunct Professor in the School of Business, Singapore University of Social Sciences and Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).