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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.
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.
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.
The table below summarises the revisions to the filing requirements and data elements:
| Group | Companies that file FS that are made public | XBRL Filing Requirements | |
| Before 1 May 2021 | Revised (mandatory from 1 May 2021) | ||
| 1 | SG-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:
|
| 2 | SG-incorporated exempt private companies (EPCs) that are insolvent | To file FS in either:
|
To file FS in XBRL format, and the extent of XBRL filing varies based on the company’s nature and size of operations:
|
| 3 | SG-incorporated EPCs that are solvent | Not required to file FS. If the company opts to voluntarily file, to file FS in any of the following formats:
|
Not required to file FS. If the company opts to voluntarily file, to file FS in either:
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. |
| 4 | SG-incorporated companies in the business of banking, finance and insurance regulated by MAS | To file FS in:
together with PDF copy of the FS authorised by directors. |
To file FS in:
together with PDF copy of the FS authorised by directors. |
| 5 | SG-incorporated companies preparing FS using accounting standards other than prescribed accounting standards in Singapore or IFRS | To 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. |
| 6 | SG-incorporated companies limited by guarantee | To file only PDF copy of the FS authorised by directors. | To file only PDF copy of the FS authorised by directors. |
| 7 | Foreign companies with SG branches | To file only PDF copy of the FS authorised by directors. | To file only PDF copy of the FS authorised by directors. |
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).
There are four templates to be used by companies to meet the revised filing requirements and data elements:
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.
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.
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.