Asiabizservices Provides Singapore XBRL Filing Services 

A company that helps foreign individual, entrepreneur or a business professional who wants to setup a Singapore company as an individual.

by Johnson Potter Tuesday, January 04, 2011
Beginning November 1, 2007, Singapore’s Accounting & Corporate Regulatory Authority directs companies to prepare and file their financial statements in XBRL, an XML-based electronic language for transmission and communication of financial and business data.

Its primary objective, the standardization of automation of business intelligence [BI], is what convinced ACRA to its adoption. XBRL, which stands for eXtensible Business Reporting Language provides unique and electronically readable tag for each item entered in business reports, as opposed to the conventional approach of treating business information.

XBRL can capture financial data on all business information processes necessary in generating the internal management reports. It is used to prepare financial statements for publication, tax filings, and credit reports for lenders.

In accountancy, XBRL may be utilized to produce linkages to finance relevant terms employed in different contexts and bridge such differences in various regulations relating to financial reporting. Chi Han, a business consultant in Singapore and who understands the importance of staying abreast of every software introduced says that these linkages are “specifically significant as they save effort and time to transitioning to the necessary regulation through the creation of references for elements to express in accordance to the accounting system of Singapore.”

It automates the processes of collecting business information and financial reporting system across different entities and other creators of financial information. Chi explains that “XBRL initiates the collation and assembly of business information from several company divisions adopting similar or different accounting management systems.” The financial information gathered is used to produce internal management reports, tax, and financial statements.

In addition, XBRL is applied by companies to produce strong business information management and reporting system with provisions for immediate validation of information and eradicating repetitive and blocking re-entry of similar information at different units of business.

ACRA commands that company may use either of the two options in filing their financial statements in XBRL. Termed as Option A and B, companies can adopt full and partial format of XBRL. Han resumes elucidating on the matter.

“Option A is full XBRL filing. It is suitable for a company if it employs FS Manager to prepare its full set of financial statements for presentation at the Annual General Meeting.”

Partial XBRL filing is what is described in Option B. A company adopting this method is prescribed to enclose a PDF copy of its full set of financial statements as presented at the AGM.

Among the corporate solutions specialized by Asiabiz Services is XBRL filing service for companies. By availing its service, companies can take full advantage of Asiabiz Services’ service scope such as Director’s Report, Statement by Directors, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, All Notes to the Financial Statements, and Mandatory Information denoted by a red asterisk in FS Manager.

About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company. It also provides chartered secretarial services.

For more information visit:
AsiaBizServices PTE LTD
address: 120 Telok Ayer Street Singapore 068589
phone: +6563034614

Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.

General | Categories: financial, business
0    submitted by Johnson Potter
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