Knowledge Highlights 7 October 2022
On 30 September 2022, the Accounting and Corporate Regulatory Authority (“ACRA”) announced in a press release that it has released version 3.4 of the BizFinx Preparation Tool (“Preptool”) and Multi-Upload Tool (“MUT”).
Companies can prepare, validate and upload their financial statements in XBRL format using the latest versions from 1 October 2022 and must do so from 1 December 2022.
The updated Preptool and MUT include the following improvements:
- Some exceptions from validation rules have been re-categorised from genuine error to possible error. This will allow companies to file without applying for business rule exemption once they have confirmed that it is not an error. For example, while it is uncommon, non-dormant companies can indicate its revenue to be zero. Hence, Rule Misc_212 has been re-categorised from genuine error to possible error.
- Guidance notes have been improved to show the linkage between primary statements and notes for some data elements to facilitate reconciliation, such as revenue and notes to revenue. Error messages have also been amended to state clearly how filers can check and correct their filings.
- To combat increasing cybersecurity threats, filers using older Office versions with no security support from Microsoft (i.e. Windows 7 and before) will not be able to operate the Preptool. The complete list of affected versions is available from the Microsoft website. 32-bit machines will no longer be supported as well.
The ACRA press release sets out instructions on how those with an older version of Preptool / MUT installed in their computers may update the software.
ACRA advises that to facilitate the transition, all Excel / XBRL.zip files prepared using an older version of Preptool / MUT can be opened and edited in the latest version without any loss of data.