Annual Filing of Financial Statements in XBRL Format

Starting 3 March 2014, Singapore's Accounting and Corporate Regulatory Authority (ACRA) announced changes to the revised XBRL filing requirements of Singapore incorporated companies.

Non-exempted companies that are either unlimited or limited by shares will be required to file their Annual Returns together a full set of financial statements in XBRL format via a new offline tool, BizFinx Portal. 

Filing of Option B (Partial XBRL), using FS Manager, will no longer be available.

 

What is XBRL?


XBRL (Extensible Business Reporting Language) is a language for the electronic communication of business and financial data worldwide. XBRL is an open-source software that enables the organisation and management of financial data for research and analysis. It also facilitates the communication of financial information online and amongst businesses with significant accuracy and reliability.

XBRL (Extensible Business Reporting Language) is a language for the electronic communication of business and financial data worldwide. XBRL is an open-source software that enables the organisation and management of financial data for research and analysis. It also facilitates the communication of financial information online and amongst businesses with significant accuracy and reliability.

ACRA has adopted XBRL as part of its overall strategy to streamline financial reporting and to enable the flow of financial information to the international business community, thus promoting a pro-enterprise environment.


Why Outsource Your XBRL Filings?

XBRL filing can be a time-consuming and daunting process for many companies. Our team of trained and experienced XBRL professionals can assist you with the preparation of financial statements in the XBRL format, according to the minimum requirement list reflected within the new ACRA Taxonomy 2013 more proficiently and cost-effectively. By outsourcing the preparation of XBRL financial statements, you can dedicate your time and attention to reviewing and ensuring the completeness and accuracy of the information.

XBRL Filing Requirements in Singapore

The Accounting and Corporate Regulatory Authority (ACRA) has announced revised XBRL filing requirements for companies required to file their financial statements with ACRA. The revision includes expanding the taxonomy used for XBRL filing. ACRA's stated objective is to improve the quality of financial statements by increasing the breadth and depth of financial data submitted to ACRA. The revised filing requirements took effect on 3 March 2014.

Who needs to file

With a few exceptions, all Singapore incorporated companies who are not Exempt Private Companies or dormant (Exempt Private Companies are those with no corporate shareholder and no more than 20 individual shareholders) will be required to file a full set of financial statements in XBRL format.

Who is exempted?

Solvent Exempt Private Companies are exempted from XBRL filling.

Insolvent Exempt Private Companies will have the following options to file their financial statements with ACRA:

  1. A full set of financial statements in XBRL format; or
  2. A full set of financial statements in PDF with Financial Statements Highlights in XBRL format.