The ACRA has introduced filing of financial statements with it in the XBRL format from 01 November 2007. This is applicable for all limited companies. The full set of financial statements for the period ending 30 April 2007 must be filed in the new format. On 02 December 2013, the ACRA made it easy to file the XBRL format with a new offline tool called BizFinx. Now you can submit the XBRL using this tool.
XBRL stands for Extensible Business Reporting Language. This is a language used in computers to submit financial statements. This makes it easy for the statements to be directly retrieved by auditors and other concerned people. ACRA is of the opinion that filing in this format will make the process of regulation more transparent. It will also allow more value-added financial information to be shared by the company. This will provide the relevant financial information to all the parties concerned.