Accounting Services

All businesses and companies need to keep proper accounting records for their own business needs as well as regulatory compliance. The landscape for accounting is changing rapidly. With remote working becoming the new norm, the use of technology in accounting such as cloud accounting services has become increasing prevalent and important.

As more companies embrace working from home and the de-centralisation of their operations, more efficient and productive ways are sought to keep their businesses running and profitable. Our company has also leveraged the use of technology to help our clients find the edge in an increasingly competitive business landscape.

XBRL Compilation Services

XBRL stands for eXtensible Business Reporting Language. It is a language for the electronic communication of business and financial data worldwide. Since 1 November 2007, companies required to file financial statements with ACRA are required to file financial statements in XBRL format.

XBRL-related accounting services Singapore

Companies are required to apply the revised XBRL filing requirements and data elements from 1 May 2021.

In order to generate the XBRL financial statements, preparers will need to map information within the AGM financial statements to the most relevant concept within the ACRA Taxonomy. As this requires XBRL-specific knowledge, it would be advisable to outsource this aspect of your accounting service to a professional firm.

Who’s exempted from filing XBRL statements?

All Singapore (SG) incorporated companies are required to file financial statements (FS) with ACRA, except for those which are exempted. Some companies will file a full set of FS in XBRL format, while some others will file key financial data in XBRL format and a full set of signed copy of the FS tabled at annual general meeting and/or circulated to members (AGM FS) in PDF.

If you own a sole proprietorship, partnership, limited liability partnership, or limited partnership, you are not required to file FS with ACRA. If your company is dormant and fulfill the requirements under the Singapore Companies’ Act Section 201A, you are also exempted from preparing and filing the XBRL documents.

For more information, you can contact us today for a no-obligations consultation.

Compliance Requirements

The table below summarises the revisions to the filing requirements and data elements:

GroupCompanies that file FS that are made publicXBRL Filing Requirements
 Before 1 May 2021Revised  (mandatory from 1 May 2021)
1SG-incorporated companies that are not covered in Groups 2 to 5 below.To file FS in Full XBRL template.To file FS in XBRL format, and the extent of XBRL filing varies based on the company’s nature and size of operations:

  • Smaller and non-publicly accountable companies (both terms are defined below) – to file FS in Simplified XBRL template, together with PDF copy of FS authorised by directors; and
  • All other companies – To file FS in Full XBRL template.
2SG-incorporated exempt private companies (EPCs) that are insolventTo file FS in either:

  • XBRL FSH (General) template, together with PDF copy of FS authorised by directors; or
  • Full XBRL template.
To file FS in XBRL format, and the extent of XBRL filing varies based on the company’s nature and size of operations:

  • Smaller and non-publicly accountable companies (both terms are defined below) – to file FS in Simplified XBRL template, together with PDF copy of FS authorised by directors; and
  • All other companies – To file FS in Full XBRL template.
3SG-incorporated EPCs that are solventNot required to file FS. If the company opts to voluntarily file, to file FS in any of the following formats:

  • PDF copy of the FS authorised by directors;
  • XBRL FSH (General) template; or
  • FS in Full XBRL template.
Not required to file FS. If the company opts to voluntarily file, to file FS in either:

  • PDF copy of the FS authorised by directors; or
  • FS in XBRL format.

If the company opts to file FS in XBRL format, its extent of XBRL filing will vary based on the same criteria as Groups 1 and 2.

4SG-incorporated companies in the business of banking, finance and insurance regulated by MASTo file FS in:

  • XBRL FSH (Banks) template; or
  • XBRL FSH (Insurance) template;

together with PDF copy of the FS authorised by directors.

To file FS in:

  • XBRL FSH (Banks) template; or
  • XBRL FSH (Insurance) template;

together with PDF copy of the FS authorised by directors.

5SG-incorporated companies preparing FS using accounting standards other than prescribed accounting standards in Singapore or IFRSTo file FS in XBRL FSH (General) template, together with PDF copy of the FS authorised by directors.To file only PDF copy of the FS authorised by directors.
6SG-incorporated companies limited by guaranteeTo file only PDF copy of the FS authorised by directors.To file only PDF copy of the FS authorised by directors.
7Foreign companies with SG branchesTo file only PDF copy of the FS authorised by directors.To file only PDF copy of the FS authorised by directors.

FAQ

1. What are the revised XBRL filing requirements? When is it effective?

Companies are required to apply the revised filing requirements and data elements on or after 1 May 2021, but they can opt to voluntarily apply the revised filing requirements and data elements from 1 May 2020 to 30 Apr 2021 (both dates inclusive).

2. How many XBRL templates are there?

There are four templates to be used by companies to meet the revised filing requirements and data elements:

  1. Full XBRL template — The number of data elements for this template has been reduced by 50% to about 210 data elements. It will capture the information in primary statements and selected notes to financial statements (FS);
  2. Simplified XBRL template — This template, which replaces XBRL FSH (General), has about 120 data elements. It will capture the complete information in the statements of financial performance and position;
  3. XBRL FSH (Banks) template — There is minimal change to this template. This template has about 80 data elements; and
  4. XBRL FSH (Insurance) template — There is minimal change to this template. This template has about 80 data elements.

3. My company is a solvent exempt private company (EPC). Am I affected by the XBRL filing requirements?

The XBRL filing requirements will only affect companies which are required by the Companies Act to file their financial statements with ACRA. A solvent EPC is generally not required to file their financial statements with ACRA. As such, they will not be required to file their financial statements in XBRL format.

However, ACRA is encouraging solvent EPCs to file their financial statements voluntarily with ACRA. Such companies can file either a copy of their financial statements in PDF format or file financial statements in XBRL format. If a solvent EPC opts to file FS in XBRL format, its extent of XBRL filing (i.e. Full XBRL or Simplified XBRL) will vary based on the nature and size of its operations.

4. Who is responsible for the XBRL filing? Who should file / prepare the financial statements?

ACRA does not prescribe who should file / prepare the XBRL financial statements. However, it is important to note that it is the responsibility of the companies and the preparers to practice due diligence in ensuring high quality of their filings with the Registrar, to prevent non-compliance with the Companies Act.

5. How to differentiate between Solvent and Insolvent EPC? What is the difference between their filing requirements for Annual Return?

In general, an EPC is solvent if it is able to meet its liabilities as and when they fall due. As a general guide, accumulated deficits and/or net current liabilities is/are not conclusive in determining whether a company is insolvent.

To assist with the evaluation, one should look into the company’s note on basis for preparation, the auditors’ report (if any) and the directors’ statement of its FS.

An EPC is required to file Annual Return via BizFile+. If the EPC is solvent, it has to complete an online declaration of solvency (filing of financial statements is voluntary). If the EPC is insolvent (i.e. unable to meet its debts when they fall due), it has to lodge the financial statements in XBRL format with the Registrar.