Rikvin Offers Singapore XBRL Filing Services 

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

by Errol Jardine Monday, January 03, 2011
Beginning September 9, 2010, companies required to submit their financial statements shall do so within a shorter period. From three months, ACRA, the governing body of business organizations in Singapore reduced the filing period to two months.

The format that the institution implemented to follow is still XBRL, which took effect since the 1st of November 2007. Known as open-sourced software which allows for research and analysis by organizations, the eXtensible Business Reporting Language is a computer language intended for electronic communication of business and financial information. With it, the communication of financial data online and even among business enterprises proceeds with reliability and accuracy.

With the aim of streamlining the financial reporting of companies and to render the flow of financial information into the international business community sound and smooth-flowing, ACRA adopted the XBRL format. “It fosters business-conducive environment,” it says.

In line with this implementation is the service provided by Rikvin, a corporate solution provider based in Singapore and which objectives are consistent with the authorities. Its business specialist, Say Hun stresses that XBRL filing is among the solutions it provides within its accounting services.

“We made sure we master the software so we can efficiently deliver what we promise to our clients,” Hun claims, giving emphasis to various skill enhancement trainings it requires of its accountants and the need to acquire the latest software necessary in making the tasks easier to carry out.

Hun continues to explicate that ACRA gave an exemption to companies in adopting the new format. Hun names these companies to be those which are “limited by guarantee, those that are commercial banks, merchant banks, registered insurers, and financial institutions; and all companies allowed by law to prepare financial statements based on accounting standards besides the International Financial Reporting.”

These companies mentioned shall continue to prepare their financial statements in PDF files. Hun elucidates further that companies required to adopt the XBRL format have two options of preparing the financial statements. Referred to as Option A and B, companies can use either way whichever is ideal for the company.

“Option A follows a full XBRL format. It is used often by a company that uses FS Manager in preparing the full set of financial statements for cataloguing at the Annual General Meeting,” specifies Hun, describing that FS Manager works similarly to the financial statements tabled during the AGM.

On the other hand, Option B is XBRL partial. It is used when the company files a minimum Statement of Financial Position, and Statement of Comprehensive Income, as well as the information highlighted by a red asterisk in FS Manager.

“If the directors of the company decide to prepare the expenses and income statements separately, both shall be filed with ACRA,” reminds Hun.

Rikvin specializes in assisting companies file their tax returns with IRAS. Under certain circumstances, Rikvin may also remit government dues on the client’s behalf..

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 and Singapore XBRL filing 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 Errol Jardine
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