Course Detail()

Programme Objective

Please click here to download BizFinx Preparation Tool before the class.

(With effect from 5 May 2020, the training will be conducted using the new BizFinx preparation tool (version 3) based on the revised XBRL filing requirements.)

Important:

ACRA has issued Practice Direction No. 2 of 2020 to guide companies on the revised requirements and data elements for the filing of financial statements in eXtensible Business Reporting Language (XBRL) format. The revisions are part of its continual efforts to streamline filing requirements. For most companies, the number of data elements that they need to file with ACRA will be reduced. The Practice Direction can be viewed here.

Timeline for implementation of revised XBRL filing requirements

To allow companies more transition time in view of the COVID-19 situation, ACRA is deferring the effective dates as follows:

Companies are required to apply the revised filing requirements and data elements from 1 January 2021; and
Companies can opt to voluntarily apply the revised filing requirements and data elements from 16 May 2020 to 31 December 2020.

Companies that file before 1 January 2021 can continue to prepare and file the XBRL financial statements based on the current XBRL filing requirements.

Programme Outline

Introduction – BizFinx filing system and ACRA Taxonomy
How to install preparation tool
How to complete the Scoping Questions
Understanding of Filing Requirements – what is Minimum Requirement List?
How to import Financial Statement
Guidance in entry of Financial Statements into Templates via
Auto tagging
Manual entry
How to Validate and Generate XBRL files and Rectify Errors, if any
How to Save (in both Word and XBRL format) and Upload Financial Statements on BizFinx Portal

The trainer will use a company Financial Statement (case company) to demonstrate the entry in XBRL, from the initial creation to the saving of financial statements.
When entering financial statements, two modes of data entering will be covered:

Data entry
Editing the illustrative sample

It excludes the exporting of financial statements from ERP system or accounting software to XBRL.
This one-day training comprises theory and practical sessions. Participants will have an opportunity to have hands-on experience in using the XBRL to prepare financial statements.

Each participant is required to bring with him/her a set of financial information (softcopy) from a real company (i.e. a company registered with ACRA) for the purpose of hands on practice using XBRL to prepare the financial statements.
Each participant will be given access to a laptop/ desktop for accessing the XBRL. They will enter relevant data into the preparation tool, with guidance from the trainer. The data entered will not be uploaded to ACRA.

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

All accounting and finance professionals of Singapore incorporated companies.

Schedule & Fees

Testimonial

Funding

1] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members.

NTUC members enjoy 50% *unfunded course fee support for up to $250 each year when you sign up for courses supported under UTAP. NTUC members aged 40 and above can enjoy higher funding support up to $500 per individual each year, capped at 50% of unfunded course fees, for courses attended between 1 July 2020 to 31 December 2022. *This excludes miscellaneous fees such as GST and registration fee etc.

This course is approved for UTAP support for intakes conducted between 01 April 2021 – 31 March 2022.

As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.

Maintained paid-up NTUC membership before course, throughout course duration and at the point of claim and;
Course by training provider must be supported under UTAP and training must commence within the supported period and;
Unfunded course fee must not be fully sponsored by company or other types of funding
Unfunded course fee must be S$20.00 and above, and;
Member must achieve a minimum of 75% attendance for each application and sat for all prescribed examination(s), if any and;
UTAP application must be made within 6 months after course ends.

To submit for UTAP claims, please visit http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.
Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008

Programme Facilitator(s)