XBRL — is an acronym for the eXtensible Business Reporting Language. It is a language and a framework for standard financial reporting worldwide. In Singapore filing to ACRA must be submitted in XBRL format. XBRL files have the extension .xml or .xbrl
Where is XBRL used?
XBRL has been created by Charles Hoffman, a Certified Public Accountant from Tacoma, Washington, in 1998. Since then, the format has been adopted by the Securities and Exchange Comission (SEC) in the U.S., the Committee of European Banking Supervisors (CEBS), the United Kingdom's HM Revenue and Customs (HMRC), the Ministry of Corporate Affairs (MCA) of India, and Companies House, Singapore. These government structures require the companies to use XBRL in their reporting.
What do I submit in XBRL in Singapore
Every Singapore business needs to prepare financials in XBRL format to present them to ACRA. Depending on your status, your accounting company in Singapore will need to submit a full set XBRL Financial Statements or Financial Statement Highlights. The first one refers to the presenting all of your accounts in XBRL format. The second one stands for presenting only key accounts positions instead of every single account line item in XBRL format.