XBRL (eXtensible Business Reporting Language) Report
The Accounting and Corporate Regulatory Authority of Singapore (ACRA) requires that all Singapore incorporated companies must file their annual financial report in the format of XBRL, an XML based business language. XBRL filing was introduced in Singapore in 2007 with an aim to improve regulatory compliance and enhance transparency.
XBRL stands for eXtensible Business Report Language, is a XML based language that use for preparing financial statement online in order to enhance worldwide business communication among business organizations and government bodies. With effect from 1st November 2007, ACRA (Accounting and Corporate Regulatory Authority) of Singapore had implemented XBRL filing as the new filing requirement for all Singapore companies unless the organization is exempted from filing. Through XBRL filing, financial data can be retrieved from online records and transferred directly to users such as financial analysts, auditors and regulators for various purposes.
Why to file in XBRL format?
XBRL filing facilitates a conductive business environment as it improves regulatory compliance and adds more value to financial information with enhanced transparency and timely dissemination of relevant financial data. Currently, companies are filing their XBRL report through FS Manager but it will be replaced by BizFinx offline tool with the implementation of revised XBRL filing requirement which will take effect from 2nd December 2013.
Which companies are exempted from XBRL filing?
All Singapore companies are required to file their financial statements in XBRL format except the below listed types of companies
- Solvent exempt private companies which annual turnover is less than S$5 million
- Companies Limited By Guarantee
- Foreign Companies and their branches
- Finance companies such as banks, insurance companies whose business activities are regulated by Monitory Authority of Singapore (MAS)
- Companies that are allowed by law to prepare accounts in accordance with accounting standards other than the Singapore Financial Reporting Standards or the International Financial Reporting Standards
All these exempted companies are allowed to file their financial statements in PDF format as tabled at or used for the purposes of their Annual General Meeting (AGM). Solvent and dormant EPCs (Exempt Private Companies) do not required to file their FS with ACRA.
Currently there are two options are available for XBRL filing. Option A is full set of XBRL filing and option B is partial XBRL. A full set of annual financial statement is filed using FS Manager whereas a partial annual financial report is filed using both FS manger and a PDF copy of its full set of financial statements.
Revised XBRL Filing Requirements
In June 2013, ACRA has announced few new changes to XBRL filing requirement as per the new expanded ACRA Taxonomy 2013 which will take effect from 2nd December 2013. Under the revised XBRL filing requirements, all Singapore incorporated companies which are either limited or unlimited by shares are required to file their annual financial statements in XBRL format with ACRA. Filing of option B will no longer be available.
Major changes in Revised XBRL Filing Requirements
- BizFinx, a new offline preparation tool will replace the current FS Manager with effect from 30 November. This new software application will enable the users to prepare financial report even in offline mode which was not available in FS Manager. Upon preparation, user can submit the file online via BizFinx portal subsequently.
- Commercial and merchant banks, or insurance companies and finance companies that are regulated by the Monetary Authority of Singapore and companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS will file AGM financial reports in PDF format with Financial Statements Highlights in XBRL format.
- Companies limited by guarantee will continue to file their financial statements in PDF format to ACRA.
- All solvent and dormant Exempt Private Limited Companies, will continue to be exempted from filing their annual financial report.
Why to outsource your XBRL needs with us?
Preparing your annual financial statement can be a time consuming and daunting task. Directors of the companies will be responsible for the correctness and accuracy of XBRL filing with ACRA. Thereby, it is advisable to take assistance of professional service in order to prevent the possibilities of errors and mistakes. SINGAPORE TAXATION is one of the renowned XBRL report service provider in Singapore who can deliver timely and compliant XBRL report and filing with 100% accuracy. Our dedicated experts are well aware of the latest regulations of ACRA especially about new amendments made in revised XBRL filing requirements. They even provide consultation to ensure that all your XBRL needs are fulfilled.
At TaxationServices.com.sg, we offer below listed XBRL filing services:
- Prepare year-end financial report in XBRL format
- Help to meet compliance needs
- Ensure error free and accurate XBRL filing
- Revised XBRL filing assistance
- Learning sessions for BizFinx preparation tool
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