Rikvin Explains Singapore XBRL Filing Requirements 

A Company that have a complete benefits that help foreign and local entrepreneurs setting their own business in Singapore.

by Linda Parker Friday, December 17, 2010
Technology invented its own language. And just like the human languages which are truly a valuable present, computers have a diverse selection of languages considered as ingenuity on their own. Designed to simplify the tasks, each language is unique in its applications and requirements.

In business, particularly in preparing financial reports and statements, accountants receive assistance from different software. Among them is eXtensible Business Reporting Language or XBRL, a language developed for electronic communication of financial and business data using tags to identify each item of information.

Beginning November 2007, ACRA directs that except from exempted companies, all incorporated companies which are unlimited or limited by shares to “file their financial statements in XBRL for financial periods concluding on or after April 30, 2007.”

Adopting the XBRL format which enables retrieval of data and transfer directly from online records, will attain the objective of smoothening out the conduct of business in Singapore. In line with its principle of greater transparency, XBRL files ensure enhanced transparency and timely dissemination of significant financial data.

Rikvin provides assistance in preparing financial statements ie XBRL in full or partial format.

“Full XBRL files are recommended for companies filing their annual returns using FS Manager for presentation before the members of the board during the Annual General Meeting,” explains Hun.

On the other hand, a partial XBRL files are accompanied by a PDF copy of their full sets of financial statements as presented during the Annual General Meeting.

Rikvin adds, “A company shall file a Statement of Financial Position and Statement of Comprehensive Income with information highlighted by a red asterisk in FS Manager.”

Should the company present in 2 statements all items of expenses and income, both the Statement of Comprehensive Income and Income Statement must be likewise filed.

About the Publisher:
Rikvin provides corporate solutions to investors and entrepreneurs in the local and abroad. Among its specializations are Singapore company registration and business firm and providing professional services relating to finances and administrative. Rikvin specializes in processing working visas and providing services such as nominee director, nominee shareholder, nominee agents, accounting, payroll, and secretarial.

Since 1995, Rikvin serves hundreds of companies managing and rendering Singapore accounting service using sophisticated payroll software system to handle even the most complicated payroll account. In its payroll services, Rikvin assures its clients of confidence in dealing with every transaction. Its accountants maintain competence. Above all, Rikvin’s principles adhere to the laws and share the same vision such as the inevitability of innovation. Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company.

Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.

For more information, visit:
Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : info@rikvin.com
Website: http://www.rikvin.com/

Rikvin provides Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.

General | Categories: financial, business
0    submitted by Linda Parker
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