The Accounting & Corporate Regulatory Authority (ACRA) implemented a new filing requirement for Singapore incorporated companies to file their financial statements (FS) in XBRL format with effect from 1 November 2007.

If you need assistance in XBRL Filing, please click here to find out more or contact us at 6222 6868.

What is XBRL?

XBRL stands for eXtensible Business Reporting Language, an open standard used in computers to present financial statements such that they can be retrieved from online records and transferred directly to users such as auditors, regulators, financial analysts for various purposes.

Learn more about XBRL

Why the need for XBRL?

Companies currently file their FS in PDF format. ACRA believes that the use of XBRL will achieve the objectives of facilitating the conduct of business in Singapore.

This will provide more value-added financial information and enhance the regulatory environment with improved transparency and timely dissemination of relevant financial information.

Read more from ACRA

Who is responsible for the accuracy and correct representation of information?

Directors of the companies will continue to be responsible for the correctness and accuracy of FS in XBRL format filed with ACRA.

They are therefore advised to check the information to be filed before authorising their company or authorised persons to submit the information on behalf of the company to ACRA.

XBRL filing at a glance (.pdf)

Which businesses are excluded?

The new filing requirement will not apply to

  • 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;
  • companies limited by guarantee;
  • foreign companies and their local branches;
  • banks, insurance companies and finance companies whose activities are regulated by the Monetary Authority of Singapore;

Companies in the excluded category shall continue to file their FS by attaching a PDF copy of the FS as tabled at or used for the purposes of their Annual General Meeting (AGM).

Solvent exempt private companies (EPCs) will continue to be exempted from filing their FS with ACRA.

Insolvent EPCs and EPCs that are required by law to file their FS with ACRA will do so in XBRL format.

How would I know if my company needs to file in XBRL?

Your company will file its FS in XBRL format only it meets the following 2 criteria

  • the company ends on or after 30 April 2007; and
  • the company is filling its Annual Returns on or after 1 November 2007

 

How can I file?

You can either

  • do-it-yourself - log on to the Bizfile website, go through all the procedures and prepare the XBRL report yourself; or
  • free yourself of the hassle by engaging a professional firm like AccountServe to assist you in the preparation

To facilitate DIY XBRL filing, ACRA has provided a free online tool known as FS Manager to enable companies to prepare and manage their FS in XBRL, via the website.

There are two filing options

Full XBRL

Filing its full set of FS in XBRL format; OR

Partial XBRL

Filing only its balance sheet, income statement and mandatory information in XBRL format and PDF copy of FS presented at company's AGM.

ACRA have announced on 29 October 2008 in its latest Practice Direction 3 of 2008 that Partial XBRL will continue after 31 October 2008.

Prepare XBRL report online; or
Outsource to AccountServe

Why Outsource?

As directors are responsible for the correct representation and accuracy of the information filed, many times, it is not something that directors or owners of businesses leave to the juniors to do. However, the filing process can be time-consuming and daunting for directors.

Outsourcing the filing to a professional accounting services firm like AccountServe will give you the peace of mind in meeting your company's compliance needs. For a small investment, you are likely to save a lot of your time which can be devoted to doing more business, rather than going through the hassles of figuring out how to use the system, extracting what to disclose, keying in, and checking.

About AccountServe

AccountServe specialises in meeting the accounting needs of businesses, with respect to basic to complex accounting and accounting-related work.

We will be pleased to clarify any doubts that you may have on the above. If you need assistance with your accounts to meet the reporting deadlines or for assistance in tax filing, please feel free to contact us at 6222 6868.

External Links

http://www.acra.gov.sg
http://www.bizfile.gov.sg
http://www.xbrl.org
http://www.iasb.org/xbrl