XBRL Reports
MCCS is a global provider of XBRL services for Financial Regulatory Compliance and Financial Analytics for Singapore, USA and Indian jurisdictions amongst others. We offer a comprehensive set of fast, accurate and reliable services to enable companies to cost effectively and accurately create XBRL instances and comply with the ACRA filing mandate. Financial Accounting experts at MCCS work with corporate finance, external reporting teams and other corporate stakeholders to guide them through the XBRL instance generation process.
What is XBRL?
XBRL is the open international standard for digital business reporting, managed by a global not for profit consortium, XBRL International. XBRL is used around the world, in more than 50 countries. Millions of XBRL documents are created every year, replacing older, paper-based reports with more useful, more effective and more accurate digital versions.
In a nutshell, XBRL provides a language in which reporting terms can be authoritatively defined. Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports. XBRL enables reporting information movement between organizations rapidly, accurately, securely and digitally.
The change from paper, PDF and HTML based reports to XBRL ones is a akin to the change from film photography to digital photography, or from paper maps to digital maps. The new format allows you to do all the things that used to be possible, but also opens up a range of new capabilities because the information is clearly defined, platform-independent, verifiable and digital. Just like digital maps, digital business reports, in XBRL format, simplify the way that people can use, share, analyze and add value to the data.
What does XBRL do?
Often termed “bar codes for reporting”, XBRL makes reporting more accurate and more efficient. It allows unique tags to be associated with reported facts.
Comprehensive definitions and accurate data tags make XBRL Reports a valuable data vehicle for national regulators to benchmark, measure and monitor key corporate indicators towards accurate and effective improvement and adjustment measures that can benefit every strata of the nation’s economy.
The main stages in XBRL Reporting and Analysis (items in red are carried out by MCCS):
– Preparation
– Validation
– Publication
– Uploading
– Consumption
– Analysis
– Improvements & Progress
– Surveys
Key Benefits of MCCS’s XBRL Service
– Scalability
– Punctuality
– Economy
– Expertise
– Precision
– Benchmarked Performance
– Wide knowledge base
– Assured Results
– Avoidance of Fines, Penalties due to late or Inaccurate Filing
Additional Information on XBRL Reporting for Singapore
Below is an important link for useful information on Revised XBRL Filing Requirements background and who needs to file XBRL in Singapore:
Below is an important link for useful information relating to the importance of accurate and complete XBRL Report in Singapore:
https://www.acra.gov.sg/components/wireframes/howToGuidesChapters.aspx?pageid=810#3781
Below is an important link for useful information relating to validation checks of XBRL Report in Singapore:
As an indication of our very reasonable prices and speed of service for our high value services, we can prepare your XBRL Report in 24 hours at fees starting from SGD 150 per report.
Do contact us or come in and meet us for an obligation-free discussion on how we can help you with your XBRL Report.
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