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What Is Full XBRL / XBRL Highlights? 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. The XBRL filing system has been widely adopted across the globe 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 XBRL highlights?
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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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.