On 3 February 2014, the Accounting and Corporate Regulatory Authority (the “ACRA”) issued a press release announcing that BizFinx portal will be launched on 3 March 2014. Therefore, Singapore incorporated companies (unless exempted) must file a full set of financial statements in XBRL based on revised filing requirements through BizFinx at www.bizfinx.gov.sg with effect from 3 March 2014.
Companies which planned to file their Annual Returns (the “AR”) using the following options must complete the AR transactions before 28 February 2014, 2359 hours:
- Full XBRL format (option A) using FS manager;
- Partial XBRL format (option B) using FS manager; or
- Full PDF format (option C) - select “Other companies which have been approved by ACRA”, with the date of approval as “1 December 2013” and reason stated as “Transitional arrangement for BizFinx launch”.
To assist companies in transiting to the revised XBRL filing requirements, companies (other than public listed companies) are granted more time to hold their Annual General Meetings (the “AGMs”) and to file the AR forms. The details relating to the extension of time to hold the AGM and the penalty waiver for late filing of the AR are available on the ACRA website at www.acra.gov.sg by clicking here.