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 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 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 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.
Accounting plans for a price that makes sense
You don’t measure your business by the number of transactions, so neither do we. Our accounting packages are tied to your revenues. All our packages come as they are, no extra charges — simple and straightforward.
What’s your average monthly ?
Need more?
Additional services you may need
Get more- Multicurrency accounting S$200/y
- Dormant Accounting S$300
- Unaudited Financial Statements + Tax S$800
- Full XBRL S$500
- Consolidated Unaudited report S$1,000
- GST Registration S$300
- Payroll, per person S$25/m
Our clients know best
89% of customers recommend us
7,500+ clients worldwide
Here’s what our customers say
Osome is reasonably priced and very convenient. I ended up signing my documents while I was on the metro!
Randeep Sudan Multivertz Pte. Ltd.
Everything was so seamless, it even looked like a fraud 😀 I didn’t have to go anywhere, I just use the web and mobile app to sign the docs.
Ivan Zeljkovic Evans Media Pte. Ltd.
I’m actually surprised they kept all their promises! I found Osome on Friday and on Monday morning everything was ready.
John Lim Artac Pte. Ltd.
Many accountants I reached out to either never responded or charged extortionate amounts of money. I joined Osome and I'm incredibly happy I did.
Pawel Wargan freelancer
They use the Osome app to gently nudge me to send in paperwork, and they provide me with regular updates and reminders regarding finances and filing deadlines.
Dave Wallace DW4DAYS Pte. Ltd.
- FA20170653
- Xero Platinum Partner
- Our accountants are certified by ISCA
- License No. 19S9930
- Pioneers of Cloud Community Network
Q&A
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. 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.
