Why Outsource your XBRL Filing with Rikvin Singapore? 

by Sam Menaker Thursday, April 28, 2011
Beginning November 2007, companies in Singapore shall prepare and file their financial accounts in XBRL format.

Known in its complete description as an eXtensible Business Reporting Language, the XBRL is an electronic language to communicate business and financial data anywhere. As open-source software, it will enable the company to organize and manage its financial data for research and analysis.

“It can also facilitate the communication of financial information among business and online with reliability and accuracy,” quips Rikvin’s business consultant.

“It also streamlines the financial reporting, and thereby, enabling the smooth flow of financial information into the international business community,” Rikvin adds, “and foster a pro-enterprise environment.”

Non-limited or limited by shares, all companies shall submit their financial statements in XBRL format in two ways: full or partial.

Rikvin continues: “If the company uses FS Manager to prepare full set of financial statements to be tabled at the Annual General Meeting, it may file its financial statements in full XBRL format. The FS Manager can also be used to prepare the financial accounts similar to the ones tabled at the AGM.”

Meanwhile, a company may also prepare its financial accounts in a partial XBRL format.

Rikvin continues further: “A company must enclose a PDF file of its full set of financial statements as tabled at the AGM. A private company, dispensed with holding the AGM, shall furnish a copy of its full set of financial accounts which are sent to the shareholders of the company.”

A partial XBRL format requires a minimum of Statement of Financial Position, Statement of Comprehensive Income and information indicated by a red asterisk in FS Manager.

“If the company presents all accounts of income and expense in two statements, both the Income Statement and Statement of Comprehensive Income shall be filed,” states Rikvin.

The XBRL filings are tedious. It takes much of your time ensuring accuracy in data input. Rikvin composes of professional accounting team to assist companies in preparing their financial statements in XBRL format with proficiency and good timing.

Besides this, Rikvin also proffers accounting services such as bookkeeping, payroll management, compliance requirements with IRAS and ACRA.

About the Publisher:
Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company. The company provides complete corporate solutions to investors and entrepreneurs both local and abroad. Among its specializations are Singapore company registration, income tax Singapore and providing professional services relating to financing and compliance services.

Rikvin assures its clients of confidence in dealing with every transaction. Its employees maintain competence and above all, Rikvin’s principles adhere to business ethics and all applicable laws. Its goal is to provide a highly personalized and professional service worthy of our clients loyalty.

“Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.”

For more information, visit:
Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : info@rikvin.com
Website: http://www.rikvin.com/

Rikvin offers Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.

General | Categories: financial, business
0    submitted by Sam Menaker
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