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

XBRL filing and standards in Singapore
GXBRL filing and standards in Singapore
What is a multicurrency accounting system?

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.

What are the multicurrency accounting standards?
What are the multicurrency accounting standards?

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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Pay upfront for the year and get 2 months for free
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    govt & tax filings

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    • Invoice management, creation and outstanding balance
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    govt & tax filings

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    • Estimated Chargeable Income
    • Corporate Tax Return

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    • Invoice management, creation and outstanding balance
    • Monthly management reports
    • Profit & Loss, Balance sheet, aged payables, aged receivables
    • Ecommerce highlights: free integration with one marketplace, automated fees separation

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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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