Since 2014, the BizFinx portal has provided companies with access to the BizFinx preparation tools and other resources to facilitate the preparation and filing of XRBL financial statements. Companies would prepare their XBRL financial statements using the BizFinx preparation tool and log in to the BizFinx portal to validate and upload their XBRL financial statements.
Over the years, ACRA has streamlined the filing processes to bring greater convenience to companies filing XBRL financial statements. For example:
- In May 2019, ACRA has enhanced the BizFinx preparation tool enabling companies to validate and upload their XBRL financial statements directly from the preparation tool to BizFinx server. ACRA has also introduced the BizFinx multi-upload tool enabling companies to concurrently upload multiple XBRL files to the BizFinx server. With these enhancements, companies no longer need to log in to the BizFinx portal to validate and upload XBRL financial statements with ACRA.
- In 2020, ACRA has also partnered with selected accounting software providers to enable companies to automate the preparation of financial statements in Simplified XBRL format in the accounting software, and file directly from software to ACRA. For accounting software providers and other details, please refer to ACRA-IRAS seamless filing initiative.
In view of the available functions mentioned above, ACRA will be decommissioning the BizFinx portal from 1 October 2020. Companies are to validate and upload their XBRL financial statements directly from the BizFinx preparation tool, BizFinx multi-upload tool or the accounting software with seamless filing feature going forward.
| S/N | Resources to support the preparation and filing of XBRL financial statements | Please refer to |
|---|---|---|
| 1 | How to Validate and Upload XBRL financial statements |
a. Click here for the steps to prepare, validate and upload XBRL financial statements directly from the BizFinx preparation tool to BizFinx server; OR b. Click here to download BizFinx multi-upload tool that enables multiple XBRL financial statements to be validated and uploaded concurrently to BizFinx server; OR c. Click here for information on accounting software that can automatically prepare, validate and upload financial statements in Simplified XBRL format. |
| 2 | How to View or Download Filed XBRL financial statements | Click here for the steps to download previously filed or to delete uploaded XBRL financial statements. |
| 3 |
How to Delete Uploaded XBRL financial statements in order to validate and upload new XBRL financial statements
|
Click here for the steps to download previously filed or to delete uploaded XBRL financial statements. |
| 4 | How to Submit Application for Exemption from XBRL business rules (i.e. errors highlighted during validation process) |
Click here for steps to apply for exemption from business rules. |
| 5 | How to Download and Use BizFinx Preparation Tool |
Click here to download BizFinx Preparation Tool, together with resources including user manuals, taxonomy and business rules. |
Services that will be discontinued from 1 October 2020
ACRA will discontinue the following services following the decommissioning of the BizFinx portal:
- Free Data Analysis
The Free Data Analysis tool available through the BizFinx portal will be discontinued from 1 October 2020, in view of the low usage.
Companies that have successfully filed Annual Returns with ACRA will continue to receive a free copy of Business Profile. Upon successful filing of the annual returns, an email with a URL to download the free Business Profile will be sent to the registered email of the person filing the annual returns.
- Acknowledgement emails when Annual Return (with XBRL financial statements) has been filed
The acknowledgement email service, which was provided to notify company directors, company secretary, person(s) who uploaded the XBRL financial statements and/or filed annual returns, following the successful filing of the Annual Return (with XBRL file) will be discontinued from 1 October 2020.
Companies that wish to find out the latest filing can do so via BizFile+ portal. After entering the company name / UEN in the search bar in BizFile+ portal, the latest Annual Return filed will be displayed.
- Subscription to BizFinx news update on BizFinx portal
Subscribers to BizFinx announcements will no longer receive updates after 1 October 2020.
Please subscribe to ACRA’s News Update here, to continue receiving announcements and updates on preparing and filing XBRL financial statements.
FAQs
Please click here for the frequently asked questions.
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