What is the Need of XBRL Filing for Singapore Registered Company
As per the ACRA's directive, XBRL filing is mandatory for all Singaporean companies, limited or unlimited by shares. The obligation adds to their workload and their overheads. Still, they have to follow it. Many MNCs and Medium-sized companies outsource it to a reliable XBRL filing services provider. Why XBRL Filing is Necessary Earlier companies used to transmit their financial info to ACRA using formats of their choice. These are difficult to read, even for sophisticated computer programs. So, ACRA mandated the use of the XBRL format for the purpose. The financial data in a single format is easy to read and mine. To comply with the directive, Singapore companies have to convert data in their financial statements into XBRL format. ACRA expects them to stick to the revised XBRL filing requirements that came into force on May 1, 2021. This data is accessible to the general public. It is good news for the companies. Investors use this data to analyse and monitor your compan...