Revised financial statement filing requirements take effect October 22

ACRA rolls out new preparation tool.

In tandem with the revision, the Accounting and Corporate Regulatory Authority (ACRA_ will be rolling out an enhanced BizFinx filing system for companies to file under the revised filing requirements.

The enhanced BizFinx filing system includes a new BizFinx preparation tool, which is an offline software application provided by ACRA free of charge, for companies to prepare XBRL financial statements in accordance with the revised XBRL filing requirements. The new BizFinx preparation tool will replace the current FS Manager, which will be phased out with effect from 20 October 2013, 2359 hours.

Companies which plan to file their Annual Return with XBRL financial statements prepared with FS Manager, must complete their Annual Return transaction before 20 October 2013, 2359 hours. From 22 October 2013 onwards, companies will file their financial statements in accordance with the revised XBRL filing requirements through the BizFinx portal which will be launched in that same month.

To help companies make advance preparations, ACRA adopts a phased approach in the release of the new BizFinx preparation tool, with the beta version released in June 2013. This is to provide companies with sufficient time to familiarise themselves with the revised filing requirements and the use of the preparation tool.

In addition, to further ease the transition for businesses to the revised XBRL filing requirements, ACRA will also be providing a range of resources and support for companies that will be available from July 2013 onwards.