Short answer: ACRA released version 4.0.1 of the BizFinx Prep Tool on 19 October 2026, and users must switch by 30 November 2026; it is mandatory from 1 December 2026. The update removes the separate patch, makes the two employee-number fields optional and lets some flagged items be filed after you confirm them, without a business rule exemption.
Key facts at a glance
- Release date: 19 October 2026. Companies can prepare, validate and upload XBRL financial statements with version 4.0.1 from that date (ACRA announcement, 19 October 2026).
- Switch-over deadline: users must transition by 30 November 2026; ACRA’s download page says the version is mandatory from 1 December 2026.
- Change 1: no separate patch is needed to fix computer configuration issues.
- Change 2: “Number of employees of the company” and “Number of employees of the group” are now optional, though ACRA strongly encourages audit-exempt companies to keep filling them in.
- Change 3: some validation exceptions move from genuine errors to possible errors, so a confirmed item no longer needs a business rule exemption.
- Older Excel and XBRL.zip files open in the new version without loss of data. Uploaded XBRL data stays on the BizFinx server for up to 14 days, so file the annual return within that window.
Raffles Corporate Services works with a panel of experienced Singapore law firms who offer cost-effective and efficient legal service and advice. This article is general information only and is not legal advice.
If your finance team prepares XBRL financial statements in-house, the BizFinx Prep Tool is the free ACRA software you use to map the accounts to the ACRA taxonomy, validate them and upload them before filing the annual return. The BizFinx Prep Tool version 4.0.1 is a short, practical update, but the 30 November 2026 deadline lands in one of the busiest filing months of the year. This guide covers what changed, who needs to act, how to upgrade and how to treat the new “possible error” results.
What is the BizFinx Prep Tool, and who has to use it?
The BizFinx Prep Tool is ACRA’s free Excel-based tool for preparing financial statements in XBRL format (eXtensible Business Reporting Language, a structured data format). You only need it if your company files XBRL financial statements and you prepare them yourself.
ACRA lists three ways to prepare and file XBRL financial statements: use the BizFinx Prep Tool and file through Bizfile, use approved accounting software to prepare and file in simplified XBRL format, or engage a corporate service provider (CSP) to prepare and file for you. If your CSP or software vendor handles the XBRL, your job is to confirm that they have upgraded.
Whether you file XBRL at all depends on your company type. Dormant relevant companies meeting the section 201A tests and solvent exempt private companies do not need to file financial statements. Companies limited by guarantee file a PDF copy. Smaller, non-publicly accountable companies file simplified XBRL plus a PDF copy, and most other Singapore companies file full XBRL. We cover these categories in more depth in our XBRL filing exemptions FAQ and our full versus simplified XBRL FAQ.
What changed in BizFinx Prep Tool version 4.0.1?
Three things changed: the patch is built in, two employee fields are optional, and some validation results are reclassified. ACRA’s download page also mentions improvements to the OLE, Gen-02 and Gen 17 error messages.
| Area | Before (version 4.0) | From version 4.0.1 | What to do |
|---|---|---|---|
| Installation | Some computers needed a separate patch to fix configuration issues | No separate patch needed | Uninstall the old version and install 4.0.1 cleanly |
| Employee data fields | “Number of employees of the company” and “Number of employees of the group (if the company is part of a group)” were required | Both fields are optional | Audit-exempt companies should still complete them, as ACRA strongly encourages |
| Validation results | Certain exceptions were treated as genuine errors, needing a fix or a business rule exemption | Some are now possible errors | Review each one; if the data is correct, acknowledge and upload |
| Existing files | Files built in earlier versions | Open in 4.0.1 without loss of data | Re-validate in 4.0.1 before uploading |
When must you switch to version 4.0.1?
You must transition by 30 November 2026. ACRA’s announcement gives that date, and its download page states that version 4.0.1 becomes mandatory from 1 December 2026, which is the same cut-off expressed from the other side.
In practice, plan to finish any XBRL work in progress in version 4.0.1 now rather than at the end of November. Late November is already crowded: many companies with a 31 March or 30 April financial year end are filing annual returns, and IRAS’s deadline for the Year of Assessment 2026 corporate income tax return is also 30 November 2026. A company with a 30 April year end, for example, has seven months to file its annual return if it is non-listed, which takes it to 30 November.
The safest rule is simple: if your XBRL file will not be uploaded and filed before 30 November 2026, open and validate it in version 4.0.1.
Why do the employee fields matter if they are now optional?
They no longer block filing, but ACRA still asks audit-exempt companies to provide them. The reason is practical: one of the three tests for the small company audit exemption is having 50 or fewer full-time employees, alongside revenue and total assets of S$10 million or less.
A company qualifies as a small company if it is a private company and meets at least two of the three criteria for the immediate past two consecutive financial years (Companies Act 1967, section 205C read with the Thirteenth Schedule). The employee count in your XBRL filing is a simple record of one of those criteria. Leaving it blank does not lose the exemption, but filling it in keeps your public record consistent with the position you take. Our guide to appointing an auditor and the small company exemption explains the tests.
How do you upgrade to BizFinx Prep Tool version 4.0.1?
Uninstall the old version, then download and install the new one from ACRA’s Prep Tool page. Your existing files are safe.
- Make sure your computer is connected to the internet.
- Uninstall the current version of the Prep Tool.
- Go to ACRA’s BizFinx Preparation Tool download page and download version 4.0.1.
- Install it. ACRA’s page lists the system requirements, including Windows 8.1, Windows 10 (version 1607 and above) or Windows 11, a supported desktop version of Microsoft Office, and .NET Framework 4.8.0 or later. Office 365 Business Essentials and Office 365 Online are not supported.
- Open any Excel or XBRL.zip file you started in an earlier version. ACRA confirms these open without loss of data.
- Check the version: go to the “Filing Information” tab and look under “Details of XBRL file”.
- Re-validate the file in version 4.0.1 before uploading.
The Prep Tool runs on Windows with desktop Excel. If your finance team works on Mac, plan for a Windows machine or ask your CSP to prepare the file.
How should you treat a “possible error” compared with a “genuine error”?
A genuine error must be fixed, or covered by an ACRA exemption, before you can file. A possible error can be acknowledged and uploaded if you have checked the data and it is correct.
ACRA’s guidance on preparing XBRL statements sets out the two paths. For genuine errors, you fix the data or apply for an exemption from specific rules if your financial statements are correct. For possible errors, you review and correct anything highlighted; if your data is correct, you may acknowledge the warning and proceed to upload. Version 4.0.1 moves some exceptions into the second group, which ACRA says lets companies file without applying for a business rule exemption once they confirm the flagged items are not errors.
| Validation result | Can you upload? | What you should keep on file |
|---|---|---|
| Genuine error | No, until fixed or an exemption is granted | The correction made, or ACRA’s exemption reply |
| Possible error | Yes, after you review and acknowledge it | A short note of why the figure is correct, cross-referenced to the signed financial statements |
| Granted exemption or not applicable | Yes | ACRA’s exemption reply |
“Acknowledge” should not mean “click through”. The XBRL data becomes part of your public filing, and directors are responsible for it. Keep a brief working note for every possible error you accept.
When do you still need a business rule exemption?
You still need one if a genuine error appears that you cannot fix because your financial statements are correct as prepared. Version 4.0.1 reduces how often this happens, but does not remove the route.
According to ACRA, you apply by emailing the completed exemption request form, the company’s signed AGM financial statements and the XBRL file to the address on ACRA’s exemptions page. There is no fee, and processing takes three to seven working days depending on complexity. Once ACRA has processed the request, validate the file again; you can upload when the results show “Possible” or “Granted exemption / not applicable”. Build those working days into your timeline if your annual return deadline is close.
What happens after you upload the XBRL file?
You file the annual return in Bizfile and attach the uploaded XBRL financial statements. ACRA says uploaded XBRL data is available on the BizFinx server for up to 14 days, so file the annual return within that window.
The annual return now has a further step. From 20 October 2026, companies must confirm that the particulars ACRA holds for directors, chief executive officers, secretaries, auditors and relevant members are accurate, and answer a question on whether anyone performs the role of chief executive officer. Update any stale particulars before you start the filing. Our annual return guide walks through the new confirmation, and our AGM due date guide for 30 June year-end companies shows how the dates fall for the next filing season. For deadline planning across your filings, the Raffles Corporate Services free tools page may help.
Common mistakes with the BizFinx Prep Tool upgrade
- Installing 4.0.1 over the old version without uninstalling first, as ACRA’s steps require.
- Uploading a file validated in the old version after 30 November 2026.
- Leaving the employee fields blank as an audit-exempt company, when ACRA has asked for them to be completed.
- Acknowledging possible errors without checking them against the signed financial statements.
- Uploading the XBRL file and then waiting more than 14 days to file the annual return.
- Assuming a CSP or software vendor has upgraded without asking.
Frequently asked questions
Do I need BizFinx Prep Tool version 4.0.1 if my CSP files my XBRL?
Not on your own computer. Your CSP prepares and files the XBRL, so ask them to confirm they have moved to version 4.0.1 or an approved equivalent before your filing.
Will my work in the old version be lost?
No. ACRA states that Excel and XBRL.zip files created in earlier versions open in the latest version without any loss of data. Re-validate them in version 4.0.1 before upload.
Is the employee count still required?
No, both employee data fields are optional from version 4.0.1. ACRA strongly encourages companies exempt from audit to continue providing the information.
Does a dormant company need the Prep Tool?
Usually not. A dormant relevant company that meets the requirements of section 201A of the Companies Act does not need to prepare or file financial statements, and a solvent exempt private company does not need to file them. It still files an annual return.
What is the last day I can use the old version?
ACRA requires users to transition by 30 November 2026, and version 4.0.1 is mandatory from 1 December 2026. Do not plan to file with the old version on or after 1 December 2026.
Can I use the Prep Tool on a Mac?
ACRA’s system requirements list Windows operating systems and desktop Microsoft Office only, and say technical support covers those versions. Use a Windows computer or ask your CSP to prepare the file.
Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email [email protected]. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.
Last reviewed: 27 October 2026. The Editorial Team, Raffles Corporate Services.
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