What Is Xbrl Accounting Software?

By Author: Shayne Hughes
Total Articles: 108
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XBRL eXtensible Business Reporting Language Software is a language for the electronic communication of business and financial data worldwide. XBRL is open-source software that enables the organization and management of financial data for research and analysis. It also facilitates the communication of financial information online and among businesses with significant accuracy and reliability.

XBRL Accounting Software is generally used by Accounting and Corporate Regulatory Authority of Singapore (ACRA) to streamline financial reporting and to enable the flow of financial information into the international business community, and thus promoting a pro-enterprise environment.

The use of XBRL Accounting Software for financial reports was implemented on November 1, 2007 to all Singapore incorporated companies, which are unlimited or limited by shares. With this, corporate solutions provider such as Rikvin offered Singapore XBRL filing service to provide ease and comfort to entrepreneurs. Others that are allowed to continue to file financial statements in PDF format are as follows:

Companies limited by guarantee ...
... will be able to continue filing financial statements in PDF format as tabled at the Annual General Meeting;
Companies that are commercial banks, merchant banks, registered insurers and finance institutions as stated in the MAS Financial Institutions Directory;
All companies that are permitted by law to prepare in accordance with accounting standards other than Singapore or International Financial Reporting Standards.

XBRL Accounting Software can also be used and presented in two approaches:

1. Option A _Full XBRL - this option can be used if the company uses FS Manager to prepare the full set of financial statements for tabling at the Annual General Meeting (AGM); or FS Manager is used to prepare a full set of financial statements identical in content to the full set of financial statements tabled at the AGM.
2. Option B _Partial XBRL - this option can be used where a company must file a minimum of Statement of Financial Position, Statement of Comprehensive Income and information denoted by a red asterisk in FS Manager. If the company presents all items of income and expense in two statements, both Statement of Comprehensive Income and Income Statement must also be filed.

Rikvin provides a complete corporate solution under one roof for which includes incorporation, with the opening of corporate accounts, business registration including accounting, tax, immigration related to work passes visa and compliance services in Singapore. If you are interested in learning more about Rikvin's Singapore XBRL Filing Services at an affordable rate, please email us at info@rikvin.com or give us a call at +65 64838887.