XBRL Filing

xbrl-filing

XBRL Filing

All Singapore-incorporated companies, limited or unlimited by shares, have to file their annual financial reports in time. Since 2007, ACRA (Accounting & Corporate Regulatory Authority) has made the use of XBRL format mandatory for the task.

Revised XBRL Filing Requirements

On June 2013, ACRA came up with the revised requirements for XBRL filing. It came into effect from 3 March 2014 and enlarged the scope of XBRL format. Now, the companies have to file their complete set of financial statements with ACRA in the revised XBRL format under the BizFinx system.

Option B (Partial XBRL)

Earlier Option B (Partial XBRL) was available under the old FS Manager. Under the new BizFinx system, Option B is no longer available.

We can do your XBRL Filing  for a small fee.

Filing Requirements for Singapore Companies

 

Type of Company

Filing of Financial Statements

Public / Private companies (limited/unlimited by shares), except those under
(a) and (b)
Full set of XBRL financial statements
a. specific companies regulated by MAS, i.e. commercial banks, merchant banks, licensed insurers, finance companies regulated by MAS

(Note: Other companies regulated by MAS, are required to file a full set of XBRL financial statements.)

Financial statements highlights (FSH) in XBRL format + PDF copy of financial statements
b. companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS FSH in XBRL format + PDF copy of financial statements
Solvent exempt private companies (EPCs) Exempted from filing financial statements, but are encouraged to file using following options:

  • full set of XBRL financial statements or
  • FSH in XBRL format
Insolvent EPCs Options of:

  • full set of XBRL financial statements; or
  • FSH in XBRL format + PDF copy of financial statements
Companies limited by guarantee PDF copy of financial statements
(filing in XBRL format not required)
Foreign companies and their local branches PDF copy of financial statements
(filing in XBRL format not required)

(Source: ACRA)

Outsource to XBRL Conversion & Filing Services in Singapore

To do Singapore XBRL filing on your own, you must completely understand the financial statements. You must also be able to convert it into XBRL format. It is a complex, painstaking and time-consuming task. Most Singapore companies prefer to outsource it to XBRL conversion & filing services.

We have a team of experienced accountants and CPAs who can prepare and file your revised XBRL compliance filing report. They use the latest XBRL software to ensure the accuracy of reports. We, as a cost-efficient XBRL services provider can assist you in your XBRL filing before the due date.

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