Preparation Of Financial Statements In Xbrl Format

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Step by step guide to prepare financial statements in xbrl format using ACRA FS Manager

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Preparation Of Financial Statements In Xbrl Format

  1. 1. Preparation of Financial Statements in XBRL Format Using ACRA FS Manager Updated Jan 2009
  2. 2. Disclaimer Whilst the best effort has been made to provide the most correct and up-to-date information, no warranty or guarantee is given regarding its accuracy, completeness, reliability or veracity. The information provided is of a general nature, it may not be applicable in specific situation or for individual circumstances. The author specifically disclaims any responsibility for any liability, loss or risk that is incurred from the use or application of the information provided herein. For specific advice, the reader should seek professional assistance. 2
  3. 3. Filing of Financial Statements in XBRL <ul><li>XBRL: eXtensible Business Reporting Language </li></ul><ul><li>Effective 1 November 2007, Singapore incorporated companies* must file financial statements ending on or after 30 April 2007 in XBRL format </li></ul><ul><li>ACRA grants two filing options during the adjustment period: </li></ul><ul><ul><li>Option A: Full XBRL format </li></ul></ul><ul><ul><li>Option B: Partial XBRL format </li></ul></ul><ul><li>* Click here to see the categories of companies that are excluded from XBRL filing requirements </li></ul>3
  4. 4. Excluded Companies for XBRL Filing <ul><li>The XBRL filing requirement does not apply to: </li></ul><ul><li>solvent exempt private companies, </li></ul><ul><li>banks, insurance companies and finance companies whose activities are regulated by the Monetary Authority of Singapore, </li></ul><ul><li>foreign companies and their local branches, </li></ul><ul><li>companies that are allowed by law to prepare accounts in accordance with accounting standards other than the Singapore Financial Reporting Standards or the International Financial Reporting Standards, and </li></ul><ul><li>companies limited by guarantee. </li></ul>3A
  5. 5. XBRL Filing Options <ul><li>Partial XBRL format </li></ul><ul><li>Full financial statements prepared as prior years </li></ul><ul><li>Directors and auditors signed on printed version of financial statements for tabling at AGM </li></ul><ul><li>Filing: </li></ul><ul><ul><li>pdf copy of financial statements as tabled in AGM </li></ul></ul><ul><ul><li>softcopy of xml file: income statement, balance sheet and mandatory fields for cash flow statement </li></ul></ul><ul><li>Full XBRL format </li></ul><ul><li>Full financial statements prepared in XBRL format </li></ul><ul><li>Directors and auditors signed on printed pdf version of xml file for tabling at AGM </li></ul><ul><li>Filing: </li></ul><ul><ul><li>Softcopy of xml file </li></ul></ul>4
  6. 6. FS Manager <ul><li>Free online tool provided by ACRA to help companies to prepare and manage financial statements in XBRL format </li></ul><ul><li>Access through either websites: </li></ul><ul><ul><li>www.acra.gov.sg </li></ul></ul><ul><ul><li>www.bizfile.gov.sg </li></ul></ul><ul><li>Singpass login is available under www.bizfile.gov.sg </li></ul><ul><li>Login is not required for the preparation of financial statements in XBRL format </li></ul>5
  7. 7. FS Manager – www.acra.gov.sg 6
  8. 8. FS Manager – www.bizfile.gov.sg 7
  9. 9. FS Manager – Steps <ul><li>Create / Load Financial Statements </li></ul><ul><li>Enter Company Registration Number </li></ul><ul><li>Enter Accounts Reporting Options </li></ul><ul><li>Complete Financial Statements </li></ul><ul><ul><li>General Information / Directors’ Report / </li></ul></ul><ul><ul><li>Statement by Directors / Independent Auditors’ Report </li></ul></ul><ul><ul><li>Income Statement / Balance Sheet / </li></ul></ul><ul><ul><li>Statement of Changes in Equity / Cash Flow Statement / </li></ul></ul><ul><ul><li>Notes to the Financial Statements </li></ul></ul><ul><li>Conclude Financial Statements Preparation </li></ul><ul><li>Note: FS Manager steps, reports or statements marked with are not required for partial XBRL format </li></ul>8
  10. 10. Step 1 Create / Load Financial Statements 9 open Back to Steps List Full XBRL Next Step Partial XBRL Next Step create
  11. 11. Step 2 Enter Company Registration Number 10 Back to Steps List Full XBRL Next Step Partial XBRL Next Step
  12. 12. Step 3 Enter Accounts Reporting Options 11 Back to Steps List Full XBRL Next Step Partial XBRL Next Step
  13. 13. Step 4(i) General Information 12
  14. 14. Step 4(i) General Information 13 Back to Steps List Full XBRL Next Step Partial XBRL Next Step
  15. 15. Step 4(ii) Directors’ Report Create table in MS Word Copy and paste table here 14 Back to Steps List Full XBRL Next Step
  16. 16. Step 4(iii) Statement by Directors Create table in MS Word Copy and paste table here 15 Back to Steps List Full XBRL Next Step
  17. 17. Step 4(iv) Independent Auditors’ Report Create table in MS Word Copy and paste table here 16
  18. 18. Step 4(iv) Independent Auditors’ Report 17 Back to Steps List Full XBRL Next Step
  19. 19. Step 4(v) Income Statement 18
  20. 20. Step 4(v) Income Statement <ul><li>By Function or By Nature </li></ul><ul><ul><li>Reselection will clear all data in the income statement </li></ul></ul><ul><li>Mandatory Fields (marked with * ) </li></ul><ul><ul><li>Revenue / Cost of Sales / Gross Profit </li></ul></ul><ul><ul><li>Profit (Loss) Before Tax from Continuing Operations </li></ul></ul><ul><ul><li>Profit (Loss) from Continuing Operations, Net of Tax </li></ul></ul><ul><ul><li>Input “0” or “–” if these items are not applicable </li></ul></ul><ul><li>Tip: Input expenses as negative numbers </li></ul>19 Back to Steps List Full XBRL Next Step Partial XBRL Next Step
  21. 21. Step 4(vi) Balance Sheet 20
  22. 22. Step 4(vi) Balance Sheet <ul><li>By Current / Non-Current Classification or By Liquidity </li></ul><ul><ul><li>Reselection will clear all data in the balance sheet </li></ul></ul><ul><li>Mandatory Fields (marked with * ) </li></ul><ul><ul><li>Assets:Total Non-Current Assets / Total Current Assets / Total Assets </li></ul></ul><ul><ul><li>Equity: Share Capital / Retained Earnings (Accumulated Losses) / Other Reserves, Total / Total Equity </li></ul></ul><ul><ul><li>Liabilities: Total Non-Current Liabilities / Total Current Liabilities / Total Liabilities </li></ul></ul><ul><ul><li>Input “0” or “–” if these items are not applicable </li></ul></ul><ul><li>Tip: Input liabilities as positive numbers </li></ul>21 Back to Steps List Full XBRL Next Step Partial XBRL Next Step
  23. 23. Step 4(vii) Statement of Changes in Equity 22
  24. 24. Step 4(vii) Statement of Changes in Equity <ul><li>Statement of Changes in Equity or Statement of Recognised Income and Expense </li></ul><ul><ul><li>Reselection will clear all data in the statement of changes in equity </li></ul></ul><ul><li>No Mandatory Fields </li></ul><ul><li>Tip: Hide columns that are not applicable </li></ul>23 Back to Steps List Full XBRL Next Step
  25. 25. Step 4(viii) Cash Flow Statement 24
  26. 26. Step 4(viii) Cash Flow Statement <ul><li>Direct Method or Indirect Method </li></ul><ul><ul><li>Reselection will clear all data in the cash flow statement </li></ul></ul><ul><li>Mandatory Fields (marked with * ) </li></ul><ul><ul><li>Net Cash Flows From (Used In) Operating Activities </li></ul></ul><ul><ul><li>Net Cash Flows From (Used In) Investing Activities </li></ul></ul><ul><ul><li>Net Cash Flows From (Used In) Financing Activities </li></ul></ul><ul><ul><li>Input “0” or “–” if these items are not applicable </li></ul></ul>25
  27. 27. Points to Note <ul><li>Whenever possible, use prescribed fields in FS Manager </li></ul><ul><ul><li>Example: Finance Costs field may be used for Interest Expenses </li></ul></ul><ul><li>Minimise use of user-described fields unless necessary </li></ul><ul><ul><li>Example: Field for Amounts due to Related Parties may be added for company with balances owing to related companies </li></ul></ul><ul><li>Notes may be added to explain items on the financial statements </li></ul><ul><ul><li>Example: Group other expenses in a note instead of reflecting the expenses individually on the income statement </li></ul></ul>26 Back to Steps List Full XBRL Next Step Partial XBRL Next Step
  28. 28. Step 4 (ix) Notes to the Financial Statements <ul><li>Two methods to create notes to the financial statements </li></ul><ul><ul><li>Method 1: Via Step 4(ix) Notes to the Financial Statements </li></ul></ul><ul><ul><li>Method 2: Select under Income Statement, Balance Sheet, Statement of Changes in Equity or Cash Flow Statement </li></ul></ul><ul><li>Method 1 can be used to create new notes with no direct reference to items on the financial statements </li></ul><ul><ul><li>Example: General Information, Significant accounting policies etc </li></ul></ul><ul><li>Method 2 can be used to create new notes and / or to link notes to reference to items on the financial statements </li></ul>27
  29. 29. Step 4 (ix) Create Notes – Method 1 28
  30. 30. Step 4 (ix) Create Notes – Method 1 29 Create table in MS Word Copy and paste table here
  31. 31. Step 4 (ix) Create Notes – Method 2 30
  32. 32. Step 4 (ix) Create Notes – Method 2 31 Create table in MS Word Copy and paste table here Back to Steps List Full XBRL Next Step
  33. 33. Step 5 Conclude FS Preparation 32
  34. 34. Step 5 Conclude FS Preparation <ul><li>Before quitting FS Manager, ensure that: </li></ul><ul><ul><li>A copy of latest financial statements is saved as XBRL for future editing </li></ul></ul><ul><li>Before printing the finalised financial statements for approval and saving the xml file for filing, ensure that: </li></ul><ul><ul><li>All errors have been rectified </li></ul></ul><ul><ul><li>File with errors cannot be loaded for final printing and filing </li></ul></ul>33
  35. 35. Save Financial Statements 34 Save as PDF save as XBRL
  36. 36. Save Financial Statements – Save as XBRL 35
  37. 37. Save Financial Statements – Save as XBRL 36
  38. 38. Save Financial Statements – Save as XBRL 37
  39. 39. Errors 38
  40. 40. Help with FS Manager <ul><li>ACRA </li></ul><ul><ul><li>Helpdesk (65) 6248 6028 </li></ul></ul><ul><ul><li>Interactive web service www.acra.gov.sg/askacra </li></ul></ul><ul><li>Training classes on XBRL </li></ul>39
  41. 41. The End … Thank You Contact Information: Blog: http://fsmanager-xbrl.blogspot.com Email: siewfoong.chok@gmail.com 40 Replay

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