BizFinx scheduled launch March 3, 2014

ACRA finally launched the XBRL financial reporting platform BizFin^x. BizFin^x will replace the web based FS Manager as the preparation tool. BizFin^x is based on Microsoft Excel for data input, validation and generating of financial report in compliant XBRL format. The XBRL file is subsequently validated online and uploaded to ACRA servers and filed. Some validation issues remain unsolved as at now and these are handled by ACRA on a case by case basis.

ACRA announce launch of BizFinx 3 March 2014

ACRA announced launch of BizFinX; its new business financial information portal on 3rd March 2014. 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. FS Manager will be phased out by midnight 28 February 2014. ACRA postponed twice; previous launches in early september, december last year due to technical issues. This is the third announce and almost 6 months has passed since their first announcement.

ACRA revises effective date for filing financials in full XBRL to 2nd December 2013

According to ACRA, the revision is in response to feedback for companies to be given additional preparation time as they get ready for the transition to full XBRL filing.

SirisBiz is offering expedited XBRL conversion services for option B partial filing without Notes section until 30th November 2013 to companies that wish to beat the ACRA deadline.

Sirisbiz New Pricing for ACRA XBRL transcribing services

Siris Business Solution is revising its pricing for the new acra xbrl filing compliance.

For Full details please refer to sirisbiz new acra xbrl pricing

The new pricing will be applicable to new acra filing after 21 october 2013.

SirisBiz ACRA XBRL Conversion Specialist

Sirisbiz is an online business data processing portal that handles singapore xbrl data conversion and custom data processing projects.

contact

1. XBRL Services – Transcribing of Audited financial statements into ACRA XBRL format (applicable only for filing period from 1 Nov 2007 to 31 Oct 2008)

In Brief the Benefits to the Company

1) No software or customisation of existing accounting software required.

2) No training required a savings or up to $400 per person for full day training on using ACRA FS Manager.

3) Additional manpower not required just to prepare document into ACRA XBRL format.

4) Time cost savings up to 4 hours for non listed company and up to 2 working days for listed company.

5) Do not have to monitor changes if any by ACRA to ensure that the XBRL file would not have issues when uploading to FS manager.

6) There are no changes to the existing workflow.

7) Current ACRA requirement is only for first year, subsequent may require additional training and software customisation or new software.

8) Filing is done on a yearly basis, non usage of skills may require training each year and there may be staff turnover.

9) Do not require staff some accounting knowledge.

10) Existing staff can be redeployed to do more productive work.

11) Client can fix 4 working days into the audit planning and delivery schedule.

Our scope of work will comprise:

i. SIRIS will assist Company to prepare the audited financial statements in ACRA XBRL format to facilitate filing with ACRA.

ii. SIRIS will be given 4 working days to prepare the audited financial statements in XBRL data format.

a. The 4 working days will be based on the receipt of all documents required for the translation.

b. This does not include additional time spent, to provide assistance to ensure compliance of (if any) of the clients audited financials statements to ACRA FS Manager format.

c. It does not include time taken by client to verify the audited financial statements which is returned to client in PDF format for verification and approval.

iii. Company is to supply us with a soft copy of the audited accounts in Ms Word and/or Excel format preferably using Microsoft Office 2003 or 2007. We will not process documents if they do not comply with ACRA FS Manager Format (According to FRS1) and the documents will be returned to the clients for amendments at no charge. Subsequently, each return of the non conforming softcopy to client for further amendments will incur a processing fee of $200.

iv. The transcribing of the audited financial statements in ACRA XBRL will be based on the signed audited copy of the financial statements provided to us.

v. For comparative purposes and for verification, a hard copy of the signed audited financial statements (in pdf or hard copy) is required. We do not do work on draft copies of the audited accounts.

vi. The required documents are:

a. Audited financial statements in ms word and or excel.

b. Hardcopy or PDF copy of audited financial statements for verification.

c. Completed Client information questionnaire. (A softcopy will be emailed to you upon completion of this acceptance letter.)

2. Fees structure

2.1 Documents received in Ms Word or Excel format preferably using Microsoft Office 2003 or 2007

Non- Listed companies (company)	S$300
Non-Listed Companies (group or consolidated)	S$500
Listed Companies	S$500

For the current status, only companies which are required to file the accounts to ACRA under the XBRL format will be accepted.

For companies requiring urgent services, i.e. conversion with a turnaround time of two working days, we will charge a fee of 1.5 times the quoted fee.

3. Billings and payment

All out of pocket expenses, such as courier and postage charges etc, if any will be charged separately.

Payment is immediate upon client receiving via email the XBRL PDF for verification.

4. Notice and agreement

If you are agreeable to the above arrangement, please sign below and return a scanned copy to us. If you have any further queries, please do not hesitate to contact us at (65) 6225 5585 or DID (65) 6222 1123.

Our contact personnel are as follows:

1) Lawrence Yip (email: lawrencemkyip@sirisbiz.com) (HP (65) 9230 5969

2) Andrew Seah (email: Enquiry@Sirisbiz.com )