XBRL Filling
In Singapore, companies that are required to file financial statements with ACRA, including companies limited by shares, companies limited by guarantee, and foreign companies, are generally required to file their financial statements in XBRL format. This requirement applies to both consolidated and standalone financial statements, and is applicable to companies of various sizes, including small and medium-sized enterprises (SMEs).
The use of XBRL in Singapore aims to improve the accuracy, transparency, and efficiency of financial reporting and analysis. By using XBRL, companies can tag their financial data with unique labels or “tags” that conform to the Singapore Financial Reporting Standards (SFRS), making it easier for stakeholders, including regulators, investors, and analysts, to access, analyze, and compare financial information.
ACRA has established a set of filing requirements and taxonomies, known as the Singapore Financial Reporting Standard (SFRS) Taxonomy, which provides a standardized framework for tagging financial data in XBRL format. Companies are required to prepare their financial statements in accordance with the SFRS Taxonomy and file them in XBRL format through ACRA’s online filing system, known as the BizFinx system. This allows for consistency and comparability of financial data filed with ACRA, and streamlines the regulatory reporting process in Singapore.
If you own a sole proprietorship, partnership, limited liability partnership, or limited partnership, you are not obligated to file financial statements with ACRA.
Solvent-exempt private companies (EPCs) are also exempted from filing their financial statements with ACRA.
- Insolvent EPCs have the following options for filing their financial statements with ACRA:
Full set of financial statements in XBRL format; or - Simplified XBRL format if the company qualifies as a smaller and non-publicly accountable company.
Smaller and non-publicly accountable companies are given the advantage of filing their financial statements in a Simplified XBRL format, along with a PDF copy of the financial statements authorized by their directors.
A company is considered smaller when the revenue and total assets in the financial statements for the current year do not exceed S$500,000, respectively.
Companies limited by guarantee will continue to file only their financial statements in PDF format with ACRA.
Foreign companies and their local branches will also continue to file only their financial statements in PDF format with ACRA.
You have two options:
- Do-It-Yourself: Download the tool from the ACRA website, follow the procedures, and prepare the XBRL report on your own.
- Outsource: Save yourself the hassle by engaging a professional firm like PACE Professional Management Pte. Ltd. to assist you with the preparation of the report.
Nevertheless, the process of filing can be time-consuming and overwhelming. Entrusting the filing to a reputable accounting services firm can provide you with peace of mind, knowing that your company’s compliance requirements will be effectively addressed.
Should you have any future inquiries or require assistance with your accounts to meet reporting deadlines or for tax filing purposes, please do not hesitate to contact us. We are here to help.
