Knowledge Highlights 3 September 2021

On 31 August 2021, the Accounting and Corporate Regulatory Authority (“ACRA”) announced the release of the latest versions (version 3.3) of the BizFinx preparation tool and multi upload tool. Companies are required to prepare, validate and upload their financial statements in XBRL format using the latest version from 1 October 2021.

The updated tools include the following improvements:

  • software updates from Microsoft;
  • new guidance notes for “Income Statement”, “Note - Property, Plant and Equipment” and “Note - Intangible Assets” to facilitate completion; and
  • re-categorisation of business rule Misc_212 from genuine error to possible error, as some companies may have zero revenue.

ACRA advises that all Excel / XBRL.zip files prepared using the older version of the BizFinx preparation tool can be opened and edited in the latest version without any loss of data.

Instructions on updating the software are set out in ACRA’s announcement, which is available on the ACRA website www.acra.gov.sg. 

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