For many Singapore SMEs, the XBRL filing process can quickly spiral into a time-consuming, frustrating task. What should be a straightforward exercise often turns into a lengthy back-and-forth, with review cycles stretching longer than expected. Why does this keep happening?
The simple answer: XBRL filing isn't just about numbers; it's about data structure, consistency, and compliance. Small errors and oversights during the year can quickly snowball into lengthy revisions during the filing process.
Here’s why review cycles for XBRL filings often keep getting longer — and how SMEs can reduce the need for repeated reviews.
One of the most common reasons XBRL filings require multiple review cycles is inconsistent data. SMEs often rely on manual processes, spreadsheets, or fragmented systems to prepare financial data. These inconsistencies tend to multiply over time:
When data isn't structured or reviewed consistently throughout the year, fixing these inconsistencies during the XBRL review becomes a tedious, time-consuming task. Each round of corrections often leads to new issues, requiring multiple review cycles before everything aligns.
For many SMEs, financial data gets updated or adjusted in the final stretch before submission. When these last-minute changes are made:
Even small changes, if not carefully managed, can ripple through the entire filing and trigger multiple rounds of corrections. Because last-minute fixes often lack documentation or context, they create additional complexity during the review, extending the cycle unnecessarily.
XBRL filing typically involves multiple stakeholders — accountants, finance teams, compliance officers, and sometimes external advisors. If communication isn’t clear or consistent between these teams, review cycles lengthen:
Misalignment between teams can lead to back-and-forth clarification requests, ultimately stretching the review cycle and delaying final approval.
XBRL filings require precise mapping of financial data to the correct taxonomy elements. If previous years' mappings were done without full understanding, or if the financial data structure changed, the mapping may need to be reworked entirely.
XBRL taxonomy can evolve over time, with new elements introduced and old ones deprecated. If the previous year’s filing did not account for these updates, the new filing process can uncover a need to redo the entire mapping. This can involve substantial work, often extending the review cycle.
Many SMEs use multiple tools for their accounting processes — spreadsheets for forecasts, accounting software for transactions, and bank statements for reconciliation. However, when data is spread across different platforms, it often requires manual consolidation to prepare for XBRL filing.
This fragmentation leads to:
Consolidating fragmented data manually increases the risk of errors, triggering repeated rounds of review and correction. This cycle extends filing timelines unnecessarily.
SMEs often rely on last-minute checks to catch errors, but this approach leads to unnecessary revisions. Waiting until the filing deadline to check data quality means that issues may not be identified until it's too late, prompting additional reviews.
The best way to prevent long review cycles is to conduct regular checks and review the data earlier in the year. Continuous monitoring ensures that by the time the filing season arrives, the data is already structured, validated, and ready for submission.
To reduce the length of XBRL review cycles, SMEs should focus on improving the structure and consistency of their financial data throughout the year:
XBRL filing doesn’t need to be a drawn-out, stressful process. By building a foundation of consistent, structured data throughout the year, SMEs can drastically reduce the length of their review cycles and file on time with confidence.
By using the right tools, automating processes, and reviewing financial data regularly, SMEs can streamline their XBRL filing and ensure a smoother, faster submission process.
👉 Learn how ccMonet helps streamline XBRL filing and reduce review cycles at https://www.ccmonet.ai/
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