{"id":32973,"date":"2025-06-13T07:45:43","date_gmt":"2025-06-13T07:45:43","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.wlp.com.sg\/?p=32973"},"modified":"2025-06-11T10:32:26","modified_gmt":"2025-06-11T10:32:26","slug":"workflow-for-preparing-and-filing-xbrl-financial-statements","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.wlp.com.sg\/workflow-for-preparing-and-filing-xbrl-financial-statements\/","title":{"rendered":"Workflow for Preparing and Filing XBRL Financial Statements"},"content":{"rendered":"

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Workflow for Preparing and Filing XBRL Financial Statements<\/strong><\/h3>\n

There are two main methods to prepare and file your company\u2019s financial statements in XBRL format (XBRL FS) as part of your annual return:<\/p>\n\n

    \n \t
  1. Use ACRA\u2019s BizFinx Preparation Tool<\/em> to prepare your XBRL FS and file the annual return via the BizFile+<\/em> portal. Detailed steps are outlined below.<\/li>\n \t
  2. Use accounting software that supports the seamless preparation and direct filing of annual returns with Simplified XBRL FS<\/em> to ACRA.<\/li>\n<\/ol>\n

    Alternatively, your company may engage a corporate service provider, such as WLP, to assist with the preparation of your XBRL FS.<\/p>\n\n

    7 Steps to Prepare Financial Statements in XBRL Format Using the BizFinx Preparation Tool <\/strong><\/h4>\n

    Step 1:<\/strong><\/h4>\n

    Download ACRA\u2019s free BizFinx Preparation Tool<\/em> from the official website.<\/p>\n\n

    Step 2:<\/strong><\/h4>\n

    Obtain the financial statements presented at your company\u2019s Annual General Meeting (AGM FS). These serve as the \u201csource document\u201d and should be in Microsoft Word or Excel format.<\/p>\n\n

    Step 3:<\/strong><\/h4>\n

    Map each line item in your financial statements to the appropriate tags in the ACRA Taxonomy. Complete all sections of the XBRL template, leaving fields blank only if the requested information is not available in the AGM FS.<\/p>\n\n

    Step 4:<\/strong><\/h4>\n

    Validate your XBRL FS offline within the Preparation Tool. Address and correct any errors flagged during the validation process.<\/p>\n\n

    Step 5:<\/strong><\/h4>\n

    Once validation is successful, upload the XBRL FS directly through the BizFinx Preparation Tool. Click the \u201cAcknowledge and Upload\u201d<\/em> button. A confirmation message stating \u201cYour XBRL file has been successfully uploaded\u201d<\/em> will appear upon successful upload.<\/p>\n

    Note: The uploaded file remains available on the BizFinx server for 14 days. If the file was uploaded in error, refer to the guide on Retrieving XBRL Files Previously Lodged with ACRA<\/em> for steps on how to delete it.<\/p>\n\n

    Step 6:<\/strong><\/h4>\n

    Log in to the BizFile+<\/em> portal.<\/p>\n\n

    Step 7:<\/strong><\/h4>\n

    Submit the Annual Return, ensuring the correct XBRL FS has been uploaded.<\/p>\n

    For assistance with XBRL preparation, feel free to contact WLP for professional support<\/strong><\/a> and advisory services.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n","protected":false},"excerpt":{"rendered":"

    Workflow for Preparing and Filing XBRL Financial Statements There are two main methods to prepare and file your company\u2019s financial statements in XBRL format (XBRL FS) as part of your annual return: Use ACRA\u2019s BizFinx Preparation Tool to prepare your XBRL FS and file the annual return via the BizFile+ portal. Detailed steps are outlined … Read more<\/a><\/p>\n","protected":false},"author":6,"featured_media":32976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36,2],"tags":[],"class_list":["post-32973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-business-insights","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t