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Mastering Application of XBRL BizFinx Filing System

The BizFinx filing system comprises a free offline preparation tool provided by ACRA for companies to prepare XBRL financial statements. All Singapore incorporated companies which are either unlimited or limited by shares will be required to file a full set of financial statements in XBRL according to a minimum tagging list within the ACRA Taxonomy with effect from October 2013.

Participants to bring along own laptop for the hands-on exercises.

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

Objective

This programme covers the filing requirements and usage of the BizFinx filing system (including the new taxonomy) to prepare and upload the Financial Statements.

Outline

• Introduction - BizFinx filing system
• Introduction to XBRL Fundamentals
• ACRA Taxonomy and its Scope
• BizFinx Preparation Tool
• How to install preparation Tool
• Preparation Flow within the Tool
• How to complete the Scoping Questions and what to watch up for
• Understanding of Filing Requirements - Under what kind of circumstances a Company need to file?
• How to import Financial Statement and the common errors made (clerical/ typographical)
• Guidance in entry of Financial Statements into Templates
• Auto Tagging & Manual entry
• How to Validate and Generate XBRL files and Rectify Genuine & Possible Errors (if any)
• Common Mistake Made in XBRL Filing
• How to Save (in both Word and XBRL format) and Upload Financial Statements on BizFinx Portal
• Walk thru the User Manual

A company Financial Statement (Sample data) 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

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.

Who should attend

All accounting and finance professionals of Singapore Companies.

Methodology

Application-level learning:
- Concepts > Facilitated thru Lecturing (10%)
- Procedures > Facilitated thru Practical Doing (80%)
- Principles > Facilitated thru Coaching (10%)

Testimonials

- Objectives were clear & Helpful
- Hands-on Learning & Applicable
- Knowledgeable & share his experiences so it's quite related
Sun-Wa Technos Singapore Pte Ltd

Profile of Lawrence Poh

CA(Singapore), ATP(GST), CSP, ACTA, MAJ(NS)

Lawrence's passion in life revolves around teaching. In his years of corporate experiences, his belief is to anchor on nurturing those working professionals with EAR elements i.e. Energetic, Attentive, Receptive. Having mastered teaching-centric courses such as Train the Trainer, Method of Instruction and Learning Organization, Lawrence firmly believes in applying these methodologies during his lessons. End state in mind is to meet the learning objectives and more importantly to have fun. This can be achieved by having a conducive learning environment (reinforced with real life examples) which enables each participant to internalize most out of the lesson duration.

Lawrence is a full member of Institute of Singapore Chartered Accountants (ISCA) and Singapore Institute of Accredited Tax Professionals (SIATP). He is also a Qualified Individual approved by Singapore Accounting and Corporate Regulatory Authority (ACRA). He holds a Master of Accountancy from Victoria University, Australia and an Honours degree in Banking & Finance from University of London. He is also a Senior Army Officer (NS) who graduated from the former Singapore Command & Staff College.

Lawrence has more than 20 years of experience in accounting, audit, international tax, corporate finance, financial markets, company secretarial, ERP & Balanced Scorecard (BSC) system implementation and transformational leadership. He had assumed auditing, finance and accounting positions in Public Accounting Firms, Ministry of Defense and Process & Discrete Manufacturing Companies.