XBRL filing and standards in Singapore
We help Singapore businesses understand what the XBRL filing requirements are, and organise these processes with our outsourced accounting
What are Full XBRL and Simplified XBRL? How does it impact businesses in Singapore?
XBRL or eXtensible Business Reporting Language is a standardised format for financial reporting that is mandatory for almost all businesses in Singapore.
Small and non-publicly accountable companies companies can submit their financials using a Simplified XBRL format. It entails only the highlights of operations that took place across the financial years. The defining metric for such companies is revenue, and total assets for the current financial year must be $500,000 or less.
The XBRL filing system has been widely adopted globally by governments, business organisations, analysts, accountants, and more – making it the open international standard for digital business/financial reporting.
How to file Full XBRL or Simplified XBRL?
XBRL filing must be carried out on ACRA’s special portal BizFinx. XBRL format requires a deep understanding of accounting as well as the software. We recommend to hire a professional and experienced bookkeeping and accounting service in Singapore. However, ultimately the legal responsibility for filing the documents with ACRA lies with the directors. You must understand them enough to check before submission.
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Additional services you may need
- Multicurrency accounting S$200/y
- Unaudited Financial Statements + Tax S$800
- Consolidated Unaudited report S$1,000
- Dormant Accounting S$300
- Full XBRL S$500
- GST Registration S$300
- Payroll, per person S$25/m
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FAQ
What is XBRL and its benefits?
Created in 1998, XBRL software is managed by a global not-for-profit consortium, XBRL International. And can defined simply as a standardized language that is used to make reports easier to understand and compare. XBRL provides
- Clear definitions called XBRL taxonomies that clarify the meaning of all reporting terms used in business reports.
- Multi-lingual support
- Testable business rules that allow users (such as businesses or governments) to flag specific criteria.
Benefits of XBRL filing software
- Saves time spent by accountants and analysts on reformatting information and trying to understand different sources
- Reduces cost and manpower spent on understanding financial information
- Improves access to financial information
- Improves data quality and validity of information
What is XBRL Singapore requirement for businesses?
Financial reports filing in XBRL format is compulsory for most businesses in Singapore. All companies incorporated in Singapore (whether limited by shares or unlimited) – unless exempt - must file their financial statements with ACRA in XBRL format.
To understand their compliance requirements, companies need to first find out if they qualify for filing a full XBRL report or Simplified XBRL or PDF reports.
What are Full XBRL and XBRL Simplified?
Not every company needs to file a full set of XBRL in Singapore. In some cases, a Simplified XBRL with a PDF of the financial statements tabled at the AGM is enough. According to ACRA, Simplified XBRL must have 120 data elements that provide relevant company information.
On the other hand, a complete set of XBRL in Singapore consists of the following information for the last financial year –
- Statement of financial position
- Statement of profit or loss
- Changes in equity
- Cash flow
- Financial notes or comparative information
Can I switch from another accounting firm to Osome?
Absolutely. We make the transition seamless on your end. We’ll get in touch directly with your current accounting service provider, take over all your financial documents, and audit them to make sure your company is compliant. We check for any loose ends with HMRC, organise historical data, and then prepare and file necessary reports. We offer up ongoing advice about relevant tax exemptions, helping you be smarter with your taxes. Now that your accounting is in good hands, you can focus on what you do best: running your business.
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