ACRA’s new business financial information portal – BizFinx will be launched on 3 March 2014 and Singapore incorporated companies (unless exempted) will be required to file a full set of financial statements in XBRL based on revised filing requirements through BizFinx at www.bizfinx.gov.sg.
Prior to the launch of BizFinx, companies currently file their financial statements in either full XBRL format or partial XBRL format, both using FS manager. Alternatively, companies which have been approved by ACRA as of 1 December 2013 can file using the full PDF format under transitional arrangement for BizFinx launch.
With the launch of BizFinx, the existing filing options will cease and FS Manager will be phased out. Companies planning to file their Annual Return using any of the above filing options must complete their Annual Return transaction before 28 February 2014, 2359 hours.
To assist companies in transiting to the revised XBRL filing requirements, companies other than public listed companies, will be given more time to hold their Annual General Meeting (AGM) or to file their Annual Return (AR) form. This arrangement of fee waiver under extension of time application or penalty waiver is given to provide more time to companies in preparing full set of financial statements in XBRL, under the revised filing requirements during the first year of implementation (i.e. 03 March 2014 to 02 March 2015).
Extension of Time
All companies other than public listed companies filing a full set of financial statements in XBRL under the revised XBRL filing requirements will be eligible for a fee waiver when they apply for a 30-day extension of time under the following Companies Act requirements:
(a) To hold the AGM under Section 175 of the Companies Act; and
(a) To lay the financial statements before the shareholders under Section 201 of the Companies Act.
For a company other than a public listed company that holds its AGM and laid its financial statements before the shareholders within the prescribed period in the Companies Act, ACRA will not be imposing any late penalty if it files a full set of financial statements in XBRL, provided the AR form which the financial statements accompany is filed not more than 30 days after the period within which the AR form is required by law to be filed under Section 197 of the Companies Act. Where the company has applied for and has been granted an extension of time under Sections 175 and 201 of the Companies Act, no waiver of late penalty will be available.
Where penalty waiver is provided in the above scenario, the company’s colour-coded compliance rating will be × if the company has breached the provisions under section 175, 197 or 201.
About Nexia TS:
Nexia TS was founded in 1993 by two experienced chartered accountants – Henry Tan and Sitoh Yih Pin. After working as managers for one of the international accounting firms, they saw a vision and an opportunity to establish their own organisation – not any accounting firm – but one which is unique in their personalised and well-qualified expertise.
To date, Nexia TS is recognised as an established mid-tier local accounting firm. We have grown significantly in size over the years. Being an independent member firm of Nexia International, we are affiliated to accounting firms in many parts of the world. This means that our clients will get to enjoy personalised, comprehensive and quality services at competitive rates in Singapore and globally. Our reputation for quality has been recognised by clients and accounting professionals. As testimony to this, we are among the first few local accounting firms to be accredited by the Institute of Chartered Accountants in Australia to provide supervision of professionals undergoing traineeship to qualify as Chartered Accountants.
Headquartered in Singapore, Nexia TS has established a strong presence in various countries across the region. Nexia China is a one-stop centre providing advisory services for foreign-invested enterprises in China. NTS Malaysia and NTS Myanmar provide a full suite of corporate advisory services for our clientele with operations and new foreign investments in the respective countries. Nexia International is an international network of accounting and consulting firms with origins going back to 1971, making Nexia International one of the longest established networks. Currently, with more than 28,000 professional staff serving our clients at over 650 offices in 115 countries, it is ranked as the top 10 largest international accounting and consulting network.
For more details, please visit www.nexiats.com.sg.
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