XBRL Financial Report Services in Singapore
All Singapore companies need to file their financial statements in XBRL via new BizFinx system required by The Accounting and Corporate Regulatory Authority of Singapore (ACRA). Our dedicated professionals are on top of the latest regulations of ACRA especially about new amendments in revised XBRL filing requirements. Get help from us today!
What is XBRL?
XBRL, eXtensible Business Report Language, is an XML based language used for preparing financial statements online. They can be retrieved from online records and transferred directly to users such as auditors, regulators and financial analysts for different purposes. With effect from 1st November 2007, ACRA implemented XBRL filing as a new filing requirement for all Singapore companies unless the organization is exempted from filing.
Revised XBRL filing requirements
The effective implementation date for companies to file FS in XBRL using the revised filing requirements and data elements are as follows:
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Companies are required to apply the revised filing requirements and data elements on or after 1 May 2021;
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Companies can opt to voluntarily apply the revised filing requirements and data elements from 16 May 2020 to 30 April 2021 (both dates inclusive);
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Companies that file their FS before 1 May 2021 can continue to prepare and file the FS using the current filing requirements and data elements.
There are four templates to be used by companies to meet the revised filing requirements and data elements:
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Full XBRL template
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Simplified XBRL template
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XBRL FSH (Banks) template
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XBRL FSH (Insurance) template
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Source: ACRA. Learn more details on ACRA website.
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Who are exempted from XBRL filing?
Sole-proprietorships, partnerships, limited liability partnerships and limited partnerships need not file financial statements with ACRA.
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Full XBRL Financial Reporting
A complete set of Annual Financial Report is filed using FS Manager (an online filing tool). A full XBRL financial reporting comprises:
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Balance sheet (Statement of Financial Position)
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Reports of Auditors
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Income statement (Statement of Comprehensive Income)
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Statement of cash flow
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Director’s statements
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Statement of Changes in Equity
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All Notes to the Financial Statements
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Information denoted by a red asterisk in FS Manager.
XBRL report preparation needs a lot of time and efforts to stay effective and compliant. Why wasting your human resources in this tedious task when outsourcing it to an experienced XBRL filing service provider will ensure accuracy in your statutory compliance? Talk to us today to know more how we can relieve your accounting pain!
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