XBRL Filing Services - OVERVIEW

Who Needs to Do XBRL Filing

As per the ACRA's mandate, companies in Singapore must file their financial statements in XBRL format. It applies to the limited and unlimited companies that are required to submit their statements with ACRA (Accounting and Corporate Regulatory Authority).

The task of XBRL filing in Singapore involves converting the company's financial data to the XBRL format. You must use the tag libraries prescribed by the ACRA. It requires knowledge of XBRL tags, when and where to apply them to the data.

Types of XBRL Filling

Making data ready for XBRL filing is a tedious and time-consuming task. It is the reason why many Singaporean companies outsource it to XBRL filing services. There are 2 types of XBRL filling.

  • Full set of XBRL Financial statements known as "FULL XBRL"
  • Financial statements highlights in XBRL Format known as "FSH"

Full Set XBRL Financial Statements are used when you need to file full presentation of company's accounts (each account line item) in XBRL format.

Financial Statement Highlights are used when you need to present key accounts positions in XBRL format.

Depending on your compliance needs, our expert accountants assist you in FULL or FSH XBRL filling for your business.

XBRL Filing Services Singapore

As per ACRA, the directors of Singapore companies are responsible for the statutory filings within due dates. They are also responsible for the correct representation and accuracy of the information filed. That is why appointing reliable XBRL filing services like SBS Consulting Pte Ltd is a great solution for them.

XBRL Conversion

The preparer of the XBRL financial statements need to map the info in the financial statements to the relevant XBRL tags. It requires a deep understanding of accounting concepts and tags libraries. Our accountants with their expertise with the tag libraries and industry-wide experience are best suited for it.

Outsourcing your XBRL filing to the professional accountants gives you the peace of mind and confidence. You can trust them to follow Singapore Financial Reporting Standards (SFRS) and SFRS for Small Entities while ensuring your company's compliance. Of course, you need to pay their small fees. However, it saves you a lot of time which you can devote to improve and grow your business.

What is XBRL Format?

The term “XBRL“ is an acronym for the eXtensible Business Reporting Language. It is an XML-based language and is used to standardise the format of filing of the financial statements.

XBRL is a form of reporting language adopted by ACRA. The companies that are required to lodged accounts with ACRA must use XBRL format for reporting their financial statements.

Benefits of Filing in XBRL Format

Filing in XBRL format reduces the huge amount of paperwork to bits and bytes. It saves ACRA's human resources. The format standardises the way the computers prepare financial statements of Singapore companies. It simplifies the storage and retrieval of financial data at the recipient computer. The XBRL format uses tags for the purpose.

ACRA's sole purpose behind the use of XBRL format is to create a reliable database containing financial information related to the Singapore marketplace. The financial experts retrieve and analyse the data to identify the trends in the market. It also provides the statistical basis for the forecasting of economic events.

In short, ACRA XBRL filing reduces the manual work for auditors, regulators, financial analysts, and financial institutions. It is instrumental in giving them almost effortless access to the country's financial data.

We, at SBS Consulting, a reliable XBRL services, assist our clients in preparing their financial statements in XBRL format. Our XBRL filing fees to small companies in Singapore are reasonable.

The table below sets out the filing requirements for various types of companies:

S.No. Type of Company Filing of Financial Statements
1 Solvent exempt private companies (EPCs) Exempted for XBRL (However, encourage to file XBRL either as FULL XBRL Or FSH)
2 Insolvent EPCs Option:-
  • Full XBRL
  • FSH + PDF Copy of financial statements
3 Companies limited by guarantee Exempted for XBRL, but need to file PDF Copy of financial statements
4 Foreign companies and their local branches Exempted for XBRL, but need to file PDF Copy of financial statements
5 Public / Private companies (limited/unlimited by shares), except those under below (a) and (b)
  • specific companies regulated by MAS, i.e. commercial banks, merchant banks, licensed insurers, finance companies regulated by MAS 
  • companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS
  • Full XBRL
  • FSH + PDF Copy of financial statements
  • FSH + PDF Copy of financial statements

XBRL filling has following process to file to ACRA:-

  • step 1- Prepare financial statements in either of any above XBRL category
  • step 2:- Validate XBRL file and ensure there is no Genuine error
  • step 3:- Upload to ACRA to file annual return

XBRL Filing Fees

Our range of fees for XBRL Conversion & Filing Services

Type of XBRL Range of fees (in SGD) Estimated time taken (in days)
Full XBRL on Company Level S$99 - S$999* 1-2 days
Full XBRL on Consolidated Level S$199 - S$999* 2-3 days
FSH S$99-S$599* 1 Day

*All prices exclusive of 8% GST (Goods and Services Tax)

Procedure

To get our exact quote, please send us management accounts of your company such as audit report/unaudited financial statements at info@xbrlfilingservices.sg

  • Upon receipt, our expert will check report and send you exact quotation for your approval.
  • Upon approval, SBS Consulting will send you formal invoice.
  • Upon receipt of our fees, we will prepare XBRL file and send you with validation results.
  • You and your company secretary, just need to upload the file to ACRA while filling annual return.