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Singapore XBRL Filing Requirements with ACRA

XBRL_Filing

As per ACRA, Singapore companies, either unlimited or limited by shares, are required to file their full set of financial statements in XBRL format.

 

What is XBRL?

XBRL is the abbreviated form of extensible Business Reporting Language. XBRL is an XML based language used for communicating and exchanging business information worldwide.

Collecting information in single format like XBRL, simplifies data analysis and data mining for government & financial analyst.

 

XBRL Filing for Singapore Companies

As per ACRA, Singapore companies (unlimited or limited by shares) must file their full set of financial statements in XBRL format. However, there are some exceptions for a select group of companies. They are as below.

i)     A 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;

These companies are allowed to file their statements in the Static Document Filing in PDF format. The exempted companies should file their financial statements in their Annual General Meetings (AGM).

 

Revised XBRL Filing Requirements

On June 2013, ACRA announced revised filing requirements of XBRL with effect from December 2013. The revision enhanced and improved the quality of financial statements.

It expanded the taxonomy used in the Singapore XBRL filing. The option of filing in Partial XBRL format is no longer available. The companies have to submit their:

  • Full set of XBRL Financial statements (FULL XBRL)
  • Financial Statements Highlights in XBRL Format (FSH) (instead of Partial XBRL)

 

Full XBRL Financial Reporting

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
  • Directors’ statements
  • Statement of Changes in Equity
  • All Notes to the Financial Statements
  • Information denoted by a red asterisk in FS Manager.

 

Key Highlights XBRL Financial Reporting

  • The prepared reports can be submitted to ACRA via online BizFinx Portal. This facility was not available in FS Manager.
  • Companies from sectors like banking, insurance and finance are regulated by the Monetary Authority of Singapore. They need to 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 Companies will continue to be exempted from filing their accounts.

 

Outsourcing XBRL Filing to Us

The preparation effective and compliant XBRL report requires a big chunk of time, efforts, and skill. That is why many companies outsource their XBRL financial reporting to a third party that charges affordable XBRL filing fees.

SBS Consulting Pte Ltd, one of the prominent Singapore XBRL filing services, can assist with your XBRL filing. Our trained accountants deliver revised XBRL compliance filing report promptly.

 

XBRL Filing Fees

Our range of fee for XBRL Conversion & Filing Services

Type of XBRL

Range of fees (in SGD)

Estimated time taken (in days)

Full XBRL on Company Level

S$99 – S$999*

1-2 days

Full XBRL on Consolidated Level

S$199 – S$999*

2-3 days

Financial Statements Highlights

S$99-S$599*

1 Day

*All prices exclusive of 7% GST (Goods and Services Tax)

 

We, as an experienced XBRL filing service provider, ensure 100% accuracy in your statutory compliance.

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

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