For many Singapore SMEs, the temptation to repeat last year’s XBRL filing process can feel like a time-saver. After all, “we did it this way last year, and it worked,” so why not use the same approach again?
However, what worked in the past doesn’t necessarily guarantee smooth sailing this year. XBRL filing rules and requirements evolve, and the risk of repeating the same process without reassessing it can result in errors, delays, and compliance issues.
Here’s why relying on “we did it this way last year” can be risky for your XBRL filing.
XBRL filing isn’t static. The taxonomy (the classification system for financial data) evolves over time, and so do the validation rules. What was acceptable last year may no longer comply with the latest requirements.
For example:
By blindly following last year’s method, SMEs risk using outdated classifications or missing new requirements, which can trigger filing errors or delays.
As your business grows, so does its complexity. What worked for a small business last year may not suit a growing enterprise that now has:
If your XBRL filing process hasn’t adapted to these changes, your data might not be structured correctly. New classifications or adjustments might be needed, but following the old process without reviewing it for changes can lead to inaccurate filings and compliance issues.
XBRL filing is highly sensitive to structure. Small differences in how data is categorized, presented, or linked can trigger validation errors.
If:
These small structural issues can escalate into larger problems during filing. If “we did it this way last year” skips over a necessary update or adjustment, you might not notice until it’s too late.
When following last year’s approach, it’s easy to assume that everything will be the same. But assumptions can blind you to missing details, such as:
XBRL filings require precise, methodical attention to detail. Assuming that “it worked last year” can cause you to overlook crucial details that might need to be updated or adjusted for compliance.
Many SMEs rely on manual adjustments or workarounds for XBRL filing, which might work in the short term but accumulate errors over time. If last year’s process involved:
These inefficiencies only increase risk as the business grows or filing requirements change. Following the same process year after year without reassessing these workarounds can lead to a lack of control over data integrity.
The tools available for XBRL filing evolve as well. What worked with last year’s filing tools may no longer be the most efficient or compliant option.
For instance:
By sticking to last year’s methods, you miss out on technological advancements that could simplify and improve the filing process.
Rather than simply repeating last year’s filing process, it’s important to:
Platforms like ccMonet help SMEs stay ahead of changes by maintaining accurate, structured data throughout the year, minimizing the need for last-minute fixes, and ensuring compliance with the latest XBRL standards.
Following last year’s filing process without revisiting it carries the risk of non-compliance, errors, and unnecessary delays. XBRL filing isn’t just about repeating old steps — it’s about adapting to new requirements, business changes, and better systems.
By taking a proactive approach, SMEs can reduce the stress of filing season and ensure smooth, accurate XBRL submissions every year.
👉 Learn how ccMonet helps SMEs streamline and future-proof their XBRL filing process at https://www.ccmonet.ai/
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