Outsourcing of XBRL Filing Leads to Satisfactory Compliance
Accounting and Corporate Corporate Authority has requested all the companies enlisted in Singapore to adopt XBRL format for presenting their full set of financial documents. It applies to the un-exempted companies that are unlimited or limited by shares.
Key Facts about Singapore XBRL Filing
The ACRA’s directive became effective on 3 March 2014 and specified that the XBRL documentation must be based on the revised filing requirements. It has been a quite a while since the implementation of the mandate but still the owners of the newly registered Singapore companies need assistance with it. They can hire a corporate services provider firm that specializes in XBRL filing Singapore.
What is XBRL Format?
XBRL is an acronym for eXtensible Business Coverage Language. The reason behind utilising a special format is to make the financial information easily transmittable and accessible in a structured format. Singapore XBRL filing of the financial data creates a database with ACRA (Accounting and Corporate Corporate Authority). It is a very valuable source that can be mined and analysed to predict the trends.
The financial database is made accessible to the Auditors, Regulators, Financial analysts and the entities that are occupied with monetary components. These experts utilise the information to study the market forces and estimate the adjustments in economies.
XBRL documenting helps ACRA in making available value-added information to the specialists. It likewise helps authorities in coming up with an appropriate response to the market trends by rolling out corrections in the regulatory environment. It enhances transparency and transmits automated money-related data in a reasonably 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:
|
| Insolvent EPCs | Options of:
|
| 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 Pte Ltd. The firm’s accountants use latest 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 their Singapore company’s financial reporting. It is an important statutory obligation. That is why it is important to choose a proper and experienced XBRL filing service for your business.
