Singapore XBRL Filing Requirements with ACRA

XBRL_Filing

For all your Singapore XBRL filing or XBRL financial reporting needs, turn to SBS Consulting. With our team, you will get all your financial statements presented in XBRL format. The XBRL filing service is carried out in accordance to the regulatory standards of ACRA and IRAS. All Singapore incorporated companies that are either unlimited or limited by shares can avail of our XBRL filing service in Singapore.

What is XBRL?

XBRL, the abbreviated form of eXtensible Business Reporting Language, is a XML based language used for communicating and exchanging business information worldwide. It allows business owners to file their financial figures online. Additionally, it enables easy and dynamic access of corporate figures and consolidation of the financial statements for quick and better analysis and research. Companies are required to use online FS Manager via Bizfile website of ACRA to prepare and manage their XBRL financial statements.

The Accounting and Corporate Regulatory Authority (ACRA) has implemented XBRL filing system in Singapore in the year 2007. This system was introduced with a vision to create effective business communication environment among the entities and the governing authorities.

Which types of companies should comply XBRL?

All business organizations in Singapore that are either unlimited or limited by shares are required to file their full set of financial statements in XBRL format with ACRA. However, exceptions are there for some sorts of companies as mentioned below. These companies are allowed to file the statements in static document filing in PDF format. The exempted companies should file their financial statements in their Annual General Meetings (AGM).

i)     Solvent exempt private limited company whose revenue is less than S$5 million

ii)    Companies limited by guarantee

iii)   Companies such as Commercial Banks, Merchant Banks, Registered Insurers and Finance Companies regulated by the Monetary Authority of Singapore

iv)   Foreign companies and their local branches

v)    Companies that are allowed by law to prepare accounts in accordance with accounting standards other than the Singapore Financial Reporting Standards or the International Financial Reporting Standards;

 XBRL Filing Options:

There are two types of options available for XBRL filing.

1)      Option A- Full XBRL

2)     Option B-Partial XBRL

Option A- Full XBRL:

A complete set of Annual Financial Report is filed using FS Manager (an online filing tool). A full XBRL financial reporting comprises,

•  Balance sheet (Statement of Financial Position)
•  Reports of Auditors
•  Income statement (Statement of Comprehensive Income)
•  Statement of cash flow
•  Director’s statements
•  Statement of Changes in Equity
•  All Notes to the Financial Statements
•  Information denoted by a red asterisk in FS Manager.

Option B- Partial XBRL

A partial annual financial report can be filed using a PDF copy of its full set of financial statements as tabled in the Annual General Meeting. A set of partial annual financial reporting includes:

•  Income Statement (Statement of Comprehensive Income)
•  Balance Sheet (Statement of Financial Position)
•  Information denoted by a red asterisk in FS Manager.

Revised XBRL Filing Requirements

In June 2013, ACRA has announced revised filing requirements of XBRL with effect from December 2013.  The revision is done to enhance and improve the quality of financial statements. It includes expanding the taxonomy used for Singapore XBRL filing. Under the revised XBRL, filing of Option B (Partial XBRL) will no longer be available.

Some Key highlights on the changes XBRL Financial Reporting are listed below:

• ACRA will soon launch a new one-stop financials filing portal BizFinx with a specific preparation tool that enable the users to prepare financial report even in offline mode.  The prepared reports can be submitted to ACRA via online BizFinx Portal subsequently.  This facility was not available in FS Manager.
• Certain sectors such as banks, or insurance and finance companies that are regulated by the Monetary Authority of Singapore will file AGM financial statements in PDF format with Financial Statements Highlights in XBRL format.
•  Companies limited by guarantee will continue to file their financial statements in PDF format to ACRA.
•  All solvent and dormant Exempt Private Limited Companies, will continue to be exempted from filing their accounts.

Why to Outsource Your XBRL Filling Needs to SBS Consulting, the Leading XBRL Filing Service in Singapore?

The preparation method of an effective and regulatory compliance XBRL report requires big chunks of time, efforts, and skill. Many companies subsequently failed to get an efficiently done XBRL financial reporting. SBS Consulting, one of the Singapore XBRL filing services, can assist you with dependable solutions of XBRL filing. At SBS Consulting, our highly trained and experienced team will deliver accurate and revised XBRL compliance filing report to our esteemed clients. Our team will enable you to stay abreast of new changes in taxonomy and regulations of Singapore XBRL filing. We, as a trustworthy XBRL filing service, ensure 100% accuracy in filing.

Please feel free to contact us on +65 6536 0036 or drop in an email at info@sbsgroup.com.sg

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