Singapore revised the filing of financial statements to comply with the eXtensible Business Reporting Language filing system, better known as XBRL. Every company in Singapore, whether limited or unlimited by shares, is required to submit its financial statements (FS) to ACRA using the XBRL format. When filing in XBRL format in Singapore, it’s crucial to carefully follow ACRA’s guidelines for preparing and submitting financial data.
The new filing requirements allow data to be analysed almost immediately. Hence, Singapore registered companies can look forward to a fuller array of data and information to aid them in their business decisions.
However, foreign companies or those that have just set up in Singapore may face difficulties understanding the new requirements. To comply with annual filing requirements, they can then choose to hire the services of a corporate service provider.
Whether you’re an entrepreneur looking to set up a company in Singapore or a local company trying to understand the requirements, here are 4 points you need to know:
1. Who Needs to File in XBRL Format?
You will need to file in XBRL format if you are a Singapore incorporated company that is unlimited or limited by shares. This is on top of the required filing of your financial statement with ACRA.
Filing of Option B (Partial XBRL), a filing option under the current XBRL filing system, will no longer be available.
2. Which Companies are Exempted From Filing XBRL Format?
If you are a commercial bank, merchant bank, registered insurer, or finance company that is regulated by the Monetary Authority of Singapore or if you are a company allowed by law to prepare accounts in accordance with accounting standards other than Singapore Financial Reporting Standards (SFRS), SFRS for Small Entities and IFRS (International Financial Reporting Standards).
3. What are the Types of Filing Formats?
There are four types of XBRL filing formats, which differ depending on the size of the company and its activities:
Full XBRL
It encompasses the details found in primary statements and specific notes within financial statements. There are approximately 210 data points. It’s important to note that partial XBRL is no longer an option.
Simplified XBRL
Commonly utilised by smaller entities and non-publicly accountable companies, it comprises around 120 data points. This format captures all the information present in statements concerning financial performance and position.
XBRL FSH for banks
It includes about 80 data points
XBRL FSH for insurers
It also includes about 80 data points
4. What is the Minimum Requirement List?
The minimum requirement list is a set of elements which companies are required to file if the information is available in the financial statements. Elements in the list are included if they are sought after by consumers of financial information.
The requirements comprise of:
- Balance sheet
- Auditor’s reports
- Income statement
- Cash flow statement
- Director’s report
- Statement of Changes in Equity
- All Notes to the FS
- Info denoted by red asterisks in FS Manager
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Need help filing your financial statements? Please visit our Singapore XBRL services page.
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