Outsourcing of XBRL Filing Leads to Satisfactory Compliance

ACRA (Accounting and Corporate Corporate Authority) has requested all the businesses enlisted in Singapore to adopt XBRL format for presenting their full set of financial documents. The order applies to the un-exempted companies unlimited or limited by shares.

Key Facts about XBRL Filing

The ACRA’s order became effective on 3 March 2014 and specified that the XBRL documenting must be based on the revised filing requirements. It has been a quite a while since the implementation of the mandate but still newly registered Singapore companies need to get acquainted with it. They have the alternative of hiring a corporate services provider firm that specializes in XBRL filing Singapore.

XBRL is an acronym for eXtensible Business Coverage Language. The reason behind utilizing XBRL format for the filing of financial data is to make the information easily accessible in a structured manner. This makes the financial data filed with ACRA and other governing bodies all over the world, a very valuable source to analyze and predict the trends.

The knowledge needs to be made accessible to the Auditors, Regulators, Financial analysts and the entities that are occupied with focus monetary components. These experts can utilize the information to study the market forces and estimate the adjustments in economies.

XBRL documenting helps ACRA in conveying value-added information to the specialists. It likewise helps in coming up with an advantageous response to the market shifts by rolling out corrections to the regulatory environment. It enhances transparency and passes on money related data in a reasonable short time.

XBRL Filing Requirements for Singapore Companies

The table bellow tabulates the ACRA’s filing requirements for the different companies.

Type of Company Filing of Financial Statements
Public / Private companies (limited/unlimited by shares), except those under
(a) and (b)
Full set of XBRL financial statements
specific companies regulated by MAS, i.e. commercial banks, merchant banks, licensed insurers, finance companies regulated by MAS

(Note: Only the above-specified types of companies regulated by MAS are exempted from filing of a full set of XBRL financial statements. Other types of companies regulated by MAS, e.g. money changers, are required to file a full set of XBRL financial statements.)

Financial statements highlights (FSH) in XBRL format + PDF copy of financial statements
companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS FSH in XBRL format + PDF copy of financial statements
Solvent exempt private companies (EPCs) Exempted from filing financial statements, but are encouraged to file with following options:

  • full set of XBRL financial statements or
  • FSH in XBRL format
Insolvent EPCs Options of:

  • full set of XBRL financial statements; or
  • FSH in XBRL format + PDF copy of financial statements
Companies limited by guarantee PDF copy of financial statements
(XBRL filing not required)
Foreign companies and their local branches PDF copy of financial statements
(XBRL filing not required)
(Source: ACRA)

XBRL Filing is an Obligation

The best solution for the Singapore companies for taking care of their XBRL filing is to employ an accounting service like SBS Consulting. Its accountants use latest accounting software tools for the task. The firm charges its clients affordable XBRL filing fees and makes sure of their statutory compliance.

As per ACRA dictates, the directors are responsible for the filing of their company’s financial statements. It is an important statutory obligation. That is why it is important to choose a proper and experienced XBRL filing service for your business.