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What Is Multi-currency accounting in Singapore?
We help Singapore businesses understand what the XBRL filing requirements are, and organise these processes with our outsourced accounting.
Multi-currency accounting in Singapore
We help Singapore businesses understand what the XBRL filing requirements are, and organise these processes with our outsourced accounting
Don’t want to do XBRL yourself anymore? We prepare and file it for you
We take over the paperwork routine, show real numbers, send reminders, and give active advice. All our prices are transparent, so no extra charges out of the blue.I want to try
You get a personal accountant
A Chartered Accountant assigned to your company will track filing deadlines, suggest tax exemptions, and prepare reports
You see how much money you have
We collect data from your different banks and show today’s joint balance and its daily trend
You see actual list of all unpaid invoices
We show daily updates on the invoices you need to pay, the ones due to you, and their totals
Choose the plan that works for you
Our accounting packages come as they are, no extra charges — simple and straightforward. If you pay upfront for the whole year, you get 20% off.
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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 XBRL highlights or PDF reports.
What are Full XBRL and XBRL highlights?
Not every company needs to file a full set of XBRL in Singapore. In some cases, some financial highlights in XBRL format, with a PDF of the financial statements tabled at the AGM, are enough. According to ACRA, these XBRL highlights must contain 50 data elements that provide the most relevant company information.
On the other hand, a full 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
Full XBRL XBRL highlights & PDF copy Full XBRL or PDF copy & XBRL highlights Exempt Only PDF copy Public/private companies (limited or unlimited by shares) Commercial bank, merchant bank, registered insurer or a finance company regulated by the Monetary Authority of Singapore Insolvent EPCs Solvent Exempt Private Companies (EPCs) - but they are encouraged to file full XBRL or highlights. Companies limited by guarantee Companies permitted to use accounting standards other than SFRS, SFRS for Small Entities, and IFRS Limited partnership, Partnership or sole proprietorship Foreign companies, or local branches of foreign companies Dormant companies that fall under Section 201A of the Singapore Companies’ Act.