XBRL Services

XBRL refers to eXtensible Business Reporting Language, a language which used in computers to present financial statements that they can be retrieved from online records and transferred directly to auditors, regulators, financial analysts for various purposes. For details, you may refer to the website http://www.xbrl.org.

The Accounting & Corporate Regulatory Authority (ACRA) implemented a new filing requirement for Singapore incorporated companies to file their financial statements (FS) in full XBRL format with effect from 3 March 2014. ACRA believes that the use of XBRL will achieve the objectives of facilitating the conduct of business in Singapore, providing more value-added financial information and enhancing the regulatory environment with improved transparency and timely dissemination of relevant financial information.

Directors of the companies will continue to be responsible for the correctness and accuracy of FS in XBRL format filed with ACRA.

Under the revised XBRL filing requirements taking effect from 3 March 2014, Singapore incorporated companies which are either unlimited or limited by shares required to file their financial statements with ACRA will be required to file their financial statements in XBRL format, based on a minimum requirement list within the new ACRA Taxonomy 2013. Filing of Option B (Partial XBRL), a filing option under the previous XBRL filing system, will no longer be available.

Companies exempted from filing XBRL will have to file their financial statements in PDF with Financial Statements Highlights in XBRL format instead. Exempted companies are,

  • Companies which are (1) Commercial Banks; (2) Merchant Banks; (3) Registered Insurers; and (4) Finance Companies, that are regulated by the Monetary Authority of Singapore; and
  • Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS (International Financial Reporting Standards).

Insolvent EPCs will have the following options to file their financial statements with ACRA:

  • A full set of financial statements in XBRL format; or
  • A full set of financial statements in PDF with Financial Statements Highlights in XBRL format.

Only Companies limited by guarantee, and foreign companies and their local branches will continue to file only their financial statements in PDF format to ACRA.

If your company’s FS ends on or after 30 April 2007; AND it is filing its Annual Returns on or after 1 November 2007, then your Company will only need to file its FS in XBRL format.

As Company directors are responsible for the correct representation and accuracy of the information filed, to avoid mistakes, and taking up valuable time which could have been spent on core business functions, the most diligent approach is to outsource this tedious job to professional accounting services firm like us. We will able to assist and manage this job for you in good hands

For assistance, please do not hesitate to contact us at 6220 3688.