Starting this week, all companies in Singapore would have to file their returns with the Accounting and Corporate Regulatory Authority (ACRA) in XBRL through iFile, a technology platform developed and deployed by IRIS Business Services, an Indian company. ACRA is the Singapore counterpart of the Indian ministry of corporate affairs. Similar solutions have been deployed by Mumbai-headquartered IRIS in eight other countries including India. XBRL, or eXtensible Business Reporting Language, is a reporting format that has rapidly gained acceptance across the world. RBI, Sebi, and MCA are among those who have adopted XBRL in India.
Read full news here: Times of India.