The Requirements and Process of XBRL Filing in Singapore
What is XBRL?
Since 1 November 2007, Singapore companies must file their Financial Statements (FS) in XBRL format. XBRL is an acronym for the term ‘eXtensible Business Reporting Language.’ This XML-based format enables ACRA to collect huge amounts of data through XBRL filing in Singapore.
Requirements for XBRL Filing in Singapore & XBRL Formats
All Singapore companies, limited or unlimited by shares, need to file their FS with ACRA using XBRL format. During the XBRL filing Singapore, you have to strictly follow ACRA’s guidelines for data preparation and filing of FS.
You have to use predefined tags and data elements in XBRL libraries to convert data in your FS to XBRL format. Tagged data is easy to identify and classify using software programs.
Filing in a pre-decided, uniform format helps create a structured database that is easy to mine and analyse for trends. It also simplifies data retrieval and updating.
Our accounting team providing XBRL filing service can help you in XBRL conversion effectively. You can also rely on us for advice on filing of FS in XBRL format.
Who Needs to Comply with XBRL Filing Requirements?
Companies, unlimited or limited by shares and doing business in Singapore, must file their FS with ACRA in XBRL format.
Who is Exempted from XBRL Filing Singapore?
Singaporean dormant companies fulfilling the requirements under Section 201A of the Companies Act are exempted from XBRL filing. ACRA also exempts:
- Limited partnerships
- Sole proprietorships
Businesses Not Supervised by ACRA
The following is a list of businesses in Singapore that are not supervised by ACRA:
- Merchant and Commercial banks
- Insurers registered in Singapore
- Financial companies
These businesses follow the guidelines provided by the Monetary Authority of Singapore.
XBRL Templates for Filing Financial Statements
ACRA, in May 2021, updated the requirements of XBRL filing in Singapore. It has also provided 4 XBRL templates. Depending on your needs, use the appropriate template to file your FS:
Full XBRL template now provides about 210 data elements. Use it to upload your business’ financial data in primary statements and selected notes to FS.
Use the Simplified XBRL template in place of XBRL FSH (General) to upload your information. It provides about 120 data elements.
XBRL FSH (Banks)
XBRL FSH (Banks) template provides close to 80 data elements.
XBRL FSH (Insurance)
XBRL FSH (Insurance) template provides 80 data elements for simplifying financial reporting.
Process of XBRL Filing Singapore
Filing financial statements is mandatory for All businesses in Singapore. Even subsidiaries and branch offices of foreign companies have to fulfil this requirement.
As a reliable XBRL filing service provider, we can help you execute this non-core task. If you want to Do-It-Yourself, here are the steps to the process of XBRL filing Singapore:
- Set up a BizFin account
- Download BizFinx software
- Prepare the financial statements
- Generate the XBRL template
- Log in to the BizFile+ portal to upload the final template
Documents You Need for Full XBRL Financial Reporting
Use FS Manager to file the financial documents listed below:
- Balance sheet
- Auditor’s reports
- Income statement
- Cash flow statement
- Director’s report
- Statement of Changes in Equity
- All Notes to the FS
- Info denoted by red asterisks in FS Manager
As the owner of a small business, you must multitask to run your business and make a profit. The question you must answer is, “Do you want an additional task on your to-do list?”
Mind you, XBRL filing in Singapore is a non-core task. It is not going to earn you any money. So, you will be better off hiring an accounting service that provides XBRL filing Singapore. It will reduce your workload and stress drastically.