The full form of XBRL is Extensible Business Reporting Language. It is a kind of language which is used for the electronic communication of business as well as reporting of financial statements all over the world. With this amazing open-source software, company get financial data for analysis as well as research. At the computer, it clarifies the storage and perfectibility of significant financial information.

The main purpose of XBRL filing is to put an accurate database in perfect place. It contains financial data associated with the economy in Singapore. With this database, you can understand about the present as well as past economic trends. More importantly, with the XBRL, you can get statistical for the economic events predicting.

Concisely, it minimises the manual work for financial institutions, financial analysts, regulators, and auditors. By choosing XBRL services, you can get easy access to the valuable financial data.

What is the importance of XBRL?
  • XBRL is a good Investment option.
  • With this, you can make your reporting digitalize, so it will be transparent.
  • It is utilized to communicate between users and businesses of financial data.
  • With this software, you will easily identify prediction of financial data’s input, procedure as well as output.
Who needs to file in Extensible Business Reporting Language?

Singapore organisation which has limited or unlimited shares must file a complete set of financial data in Extensible Business Reporting Language format.

Here are few companies which are not required to file their complete set of financial data in XBRL format. The companies which are regulated by the Singapore Monetary Authority just need to file Financial Statements in PDF format:

  • Finance Companies
  • Registered Insurers
  • Merchant Banks
  • Commercial Banks
Here is a table for several companies:
S.No. Companies Financial Statements Filing
1 Solvent(EPCs) Exempted for XBRL
2 Companies limited by guarantee Exempted for XBRL financial statements, but have to file PDF
3 Insolvent (exempt private companies) EPCs PDF & FSH Copy of financial statements.
What are the advantages of XBRL?

It provides plenty of advantages at every stage of business analysis and reporting. The advantages are seen in quicker, money saving, automation, flexible and correct manging of data, elevated analysis. Every company can utilize this software to save money as well as enhance efficiency in managing financial and business information.

It is a well-known fact that the XBRL is reliable as well as extensible. Therefore, it can be modified according to different needs. Every person like transmitters, preparers in the financial data supply chain may get an advantage.

With this software, users can switch resources from the expensive manual procedures, which is including time-consuming data entry. So, the users can focus on analysis which can validate and execute Extensible Business Reporting Language data.

  • It makes financial statements useful
  • Very flexible, Reliable and Fast
  • Work Automation
  • Data Comparability
  • Lesser Cost
  • Enhanced Accuracy of Data
Data Analysis and Consumption

This reliable software can also quickly validate the data, showing errors as well as gaps thatcan be fixed easily. With this, you can also get help in identifying, choosing, and processing the data for use again. By using XBRL, the investment analysts may save your effort, make simple the option as well as comparison of data. More importantly, government and regulators departments can also aggregate, validate as well as review data in a faster manner.

Data Gather & Report

On top of that, the companies’ business reports may also automate the data collection procedure. For instance, data from various organisation divisions with various accounting systems may be collected faster, inexpensively and proficiently.

So, if you want to grow your business, then you should hire Jaanik which provides XBRL services Singapore. What are you waiting for? Contact us today and avail great discount.

Should you have any queries, send an email to us at sales@jaanik.com